Reverse Mortgage
What is a Reverse Mortgage?
A reverse mortgage is a loan designed to allow seniors to draw upon the equity in their homes in several ways:
- Receive Lump Sum Payment
- Receive Monthly Installments
- Credit Line
- Payoff current mortgage and make no more payments
- Combination of the Above
Eventually the money paid to the homeowner is repaid with interest, however it generally doesn’t become due until the homeowner leaves the home due to death, move, etc. A reverse mortgage is most beneficial if you have a good amount of equity and you plan to stay in your home as long as possible. No matter how long you draw against the equity, you NEVER owe more than your home’s value. Contact one of our loan specialists today to find out if a reverse mortgage a good decision for you.
How do I qualify for a Reverse Mortgage?
If you own your home and are over 62 years of age you are eligible for a reverse mortgage. The home you are thinking of taking the reverse mortgage out on must be your primary residence. There are some conditions to what type of home may qualify.
- Typically single-family units & Two-Four unit dwelling are accepted by most programs
- Condominiums & Planned Unit Developments
- Manufactured or Modular Homes can qualify for some programs
- Mobile homes and second homes are generally not eligible
We can help you figure out if you’re eligible for a reverse mortgage. Call us today if you're ready to get started on a reverse mortgage.
Common Uses for a Reverse Mortgage?
- Afford Home Health Care and assistance
- Payoff existing Mortgage – No more mortgage payments, ever!
- Home Repairs and Improvements
- Protect heirs from Medicaid state recovery
- Charitable and Family gifting
- Stay in your home instead of having to move out.
How much do I qualify for?
Call us today. We’ll ask a few basic questions and can provide you with an estimate of monthly payments you can receive or how much equity you can borrow against. These questions are:
- Your Zip code
- Your estimate home value
- Age or birth date of youngest homeowner
- Mortgage balance and monthly payment owed, if any.
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