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Stop Daydreaming About a New Home Get Pre-Qualified NOW! Mortgage Trends Whether you’re a first-time
A reverse mortgage is a loan secured by your home. To qualify for this type of loan, you must live in the primary residence for the length of the loan.
This type of loan allows borrowers to access a portion of their equity, tax-free, without making monthly mortgage payments. Payments are not required until the last surviving homeowner moves, dies, or sells the home.
The borrower maintains the home’s title and is responsible for property taxes and homeowner’s insurance payments. The amount borrowers receive is determined by age of the borrowers (most specifically, the age of the youngest borrowing or non-borrowing spouse), the value of the home or the HUD lending limit, or whichever is less and the interest rates in effect at the time.
Borrowers never have to make a monthly payment on reverse mortgage loans. There is never a prepayment penalty, so they can make any payment they wish, including repaying the loan at any time.
Since 1989, the Home Equity Conversion Mortgage (HECM) has been insured by the federal government through the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD).
Since its inception, the reverse mortgage program has helped thousands of homeowners like you safely access a portion of the equity in their homes to enjoy their retirement years better.
Reverse Mortgage loans are not suitable for everyone. There’s also a downside to reverse mortgages. If you are looking for a short-term loan, you may be better suited for a different type of financing.
A reverse mortgage loan can sometimes require closing costs and upfront mortgage insurance premiums, making it impractical as a short-term solution in some cases.
However, for those who wish to remain in their homes and need extra cash flow, a Reverse Mortgage or HECM may be what you are looking for.
Stop Daydreaming About a New Home Get Pre-Qualified NOW! Mortgage Trends Whether you’re a first-time
A Valuable Loan Option for Being Self-Employed Get Pre-Qualified NOW! Mortgage Trends A VALUABLE LOAN
Just What the Doctor Ordered Get Pre-Qualified NOW! Mortgage Trends A home loan designed specifically
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