Reverse Mortgages- Mortgage.info

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  • ReverseMortgages

    MORTGAGE.INFO

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  • Reverse mortgage, also known as Home EquityConversion Mortgage (HECM) are special loansspecifically made for older homeowners. A reversemortgage allows borrower to convert a portion ofthe equity on your home now into cash.

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  • Over the years there is equity that is builtup on your home from making mortgagepayments. This loans converts that equityand can be paid to you. However, these loansdo not require monthly mortgage payments.Instead the interest is added to the loanbalance each month. You only have to pay theloan until the borrower is no longer usingthe home as their principal residence orthey fail to meet the obligations of themortgage. These loans can also be used topurchase a primary residence

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  • What are the qualifications?

    To qualify for a reverse mortgage you mustbe a homeowner of 62 years or older. Youmust own your home outright, or have a lowmortgage balance that can be paid off atclosing with the savings from the reversloan. You must have a financial resource topay ongoing property charges like taxes andinsurance. You must live in the home as yourprimary residence and you must work with areverse mortgage counselor prior toobtaining the loan.

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  • Is my home eligible?

    All homes that are single family homesor a 2-4 unit home with at least oneunit occupied by the borrow your areeligible. There is a list of HUD-approved condos that meet the FHArequirements that are also eligible fora reverse loan.

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  • For this program there are a number ofways you can receive the payments:

    Tenure these are equal monthly payments aslong as at least one borrower lives in theproperty as a primary residence.

    Term- monthly payments for a fixed period oftime.

    Line of credit- Unscheduled payments at thetime of the borrowers choosing until thecredit line is exhausted.

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  • These loans are commonly used for homerenovations, medical expenses, and dailyexpenses. The reverse mortgage can beused to pay off existing mortgages, andalleviate of some finical stress. If you ora family member might qualify for aRevers mortgage check out your optionsand start getting rid of your mortgagetoday.

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  • T O L E A R N M O R EMORTGAGE.INFO

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    C L I C K H E R E

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  • Justin McHood is Americas MortgageCommentator and has been providing

    Mortgage commentary for over 10 years.

    INFORMATION PROVIDED BY:Justin McHood

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