Reverse mortgages can provide valuable financing for qualified homeowners. The borrower keeps ownership of the home and may sell the property at any time, keeping the proceeds exceeding the closing costs and reverse mortgage balance. A reverse mortgage does not need repayment until the borrower moves, sells, or passes away. If the reverse mortgage exceeds the home’s value, the homeowner or heirs will not owe more than the value of the home.
What You Need To Know About A Reverse Mortgage
A Home Equity Reverse Mortgage allows homeowners, 62 years and older, to convert a portion of their home’s equity into cash. With a reverse mortgage, there are no loan payments. This can provide less stress when on a fixed budget and paying monthly living expenses. Reliability in Lending-PRMI professional mortgage brokers have the knowledge and experience to help you qualify for a Home Equity Reverse Mortgage.
Payment Options
Homeowners can choose to receive the funds from the mortgage in a lump sum, a line of credit, monthly, or a combination of the three options. The amount of money the homeowner borrows depends on the person’s age, the amount of equity in the home, and the interest rate set by the lender. Since the borrower keeps ownership of the property, the borrower also continues to be responsible for all repairs, and taxes.
When the Reverse Mortgage is Due
Contingent upon the reverse mortgage plan, the loan is due with interest when the homeowner moves, sells the property, dies, or the loan term ends. If the homeowner passes away the heirs must pay off the loan by refinancing into a forward mortgage or by using the proceeds from the sale of the property.
Reliability In Lending mortgage originators are here to help you with your Reverse Mortgage application. Restructuring your mortgage is a big step, and we handle each customer’s mortgage on an individual basis and provide the expertise needed to help you throughout this process.
Call 480-550-0211 to schedule a free consultation with one of our Reverse Mortgage experts.
A Better Loan Awaits You
The Reliability In Lending Team knows how intimidating it can be to find the right financing to buy, refinance, or pull equity out of a home. We offer a free consultation to create an initial assessment of your situation. Experienced loan officers will guide you through finding the right mortgage to help you realize your dreams.
