Reverse Mortgages is a unique loan available to those 62 and older. It allows the homeowner to take part of the their equity in their home and turn it into income with out selling, giving up title, or taking on monthly mortgage payments
- Seniors will never have to leave their home as long as taxes and insurance payments are made and the home is kept in reasonable condition
- No income qualifications
- No credit score requirements
- No monthly mortgage payments required
- No repayment of the loan until the last borrower moves out permanently or passes away
- Proceeds paid in lump sum, monthly payments, line of credit or any combination
- Independent consumer counseling required
To find out about all the options available to you or a family member, contact a reverse mortgage specialist that you trust.
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Comments
5 Comments so far
Erin Brenner
So is this an equity loan that doesn’t have to be paid back until the last homeowner moves permanently, sells the home, or passes away? If the case is the homeowner passes away, what are the repayment terms?
jennifer
If the homeowner passes away the loan has to be repaid as a typical mortgage would be including any interest earned. However, one good note about the program is that if the homeowner takes the line of credit option, the interest only accrues on monies used from the line of credit. So if a borrower leaves $50K in the line of credit and only say $10K was used to finance the loan fees, title fees, and FHA insurance premiums then they would only be paying fees on the $10K, not the $50K, unless they were to use a portion or all of that money.
What is a reverse mortgage? | Mortgages Unzipped | Mortgage insurance live today.
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What is a reverse mortgage? | Mortgages Unzipped | Mortgage company live today
[...] Mortgages is a unequalled give acquirable to those 62 and older. Originally posted here: What is a alter mortgage? | Mortgages Unzipped Posted in Uncategorized, mortgage | Tags: a-unique-loan, and-older-, and-real, brings-readers, [...]
latin
I wish there’s similar thing in my country