Reverse Mortgages
A new reverse mortgage can pay off your existing mortgage payment, allocate a monthly tenure payment, provide a line of credit for future use, or provide you with up-front cash, giving you additional funds for whatever you might need while allowing you to live in your home. In many situations this is a valuable tool for people 62 or older.
Benefits of a Reverse Mortgage
- No monthly principal and interest payments
- Choose how you will use the proceeds
- May include payment of your property taxes and insurance with loan
- Line of Credit to use or pay off as your needs change
- Not just a refinance, can be used for purchasing a home
- Non-recourse loan – No matter what the balance or value is of the home, you can’t owe more than the value of the home.
- Monthly equal-tenure payments are available as long as you live in the home.
- Fixed and Adjustable-Rate Options are Available depending on your needs and program
Basic Requirements
- The youngest borrower must be 62 or older
- Must be your primary residence and occupied by you and not be away for more than 12 consecutive months.
Reverse Mortgage Contact Form
Learn more about your Reverse Mortgage options with a no-obligation proposal:
Other Important Information about Reverse Mortgages
At the conclusion of the term – some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to the person and the person may need to sell or transfer the property to repay the proceeds of the reverse mortgage from the proceeds of the sale or transfer or the person must otherwise repay the reverse mortgage with interest from the other person’s other assets.
The lender will charge an origination fee, a mortgage insurance premium, closing costs, or servicing fees for the reverse mortgage, all or any of which the lender will add to the balance of the reverse mortgage loan. The balance of the reverse mortgage loan grows over time and the lender charges interest on the outstanding balance. The person retains title to the property until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance, and related taxes. Failing to pay these amounts may cause the reverse mortgage loan to become due immediately. Interest on a reverse mortgage is not deductible from the person’s income tax return until the person repays all or part of the reverse mortgage loan.
The information included in this document does not come from HUD or FHA and is not approved by the Department of Housing and Urban Development or any other Government Agency.
This Advertisement is not from HUD or FHA and the document was not approved by the Department of Housing and Urban Development or any other Government Agency.