As Professional Mortgage Advisers, There Are Times That A Reverse Mortgage Is The Perfect Solution For Your Finances.
A reverse mortgage is a type of home equity loan that allows homeowners to convert some of the equity in your home into cash while retaining home ownership.
Reverse mortgages are backed by the federal government and are FHA insured. Designed for seniors 62 and older who own and occupy their home, reverse mortgages allow eligible homeowners to access money built up as equity in their home. Benefits of a reverse mortgage include tax-free funds, no loan repayment, no income, medical or credit requirements. The homeowner retains ownership for life, GUARANTEED.
There is no restriction on how the funds from a reverse mortgage are used and the borrower must pay insurance and real estate taxes each year.
NOTE: Borrowers aged 62 and over may qualify for a reverse mortgage loan program on their primary residence, based upon the property’s current equity. The borrower chooses to receive loan proceeds in one lump sum, or over regularly scheduled intervals. There are no monthly payments required so long as the borrower occupies the property as their principal residence, ensures the condition of the property is maintained to FHA standards, and remains current on ALL taxes (such as property), insurance (such as hazard), dues (such as homeowner association), and other such costs separate from the reverse mortgage itself. The loan is due and payable when the borrower vacates, or sells the property. Borrowers must complete counseling with a government certified counselor before applying. Borrower should address questions about taxes, Social Security, Medicare, etc. to professionals in those fields.
