Reverse Mortgage
A reverse mortgage is a loan that enables homeowners 62 or older to borrow against the equity in their home, without having to sell the home, give up title, or take on new monthly mortgage payments. In fact, with a Reverse Mortgage there are no monthly mortgage payments - ever!
The loan amount you qualify for depends on the youngest borrower's age, current interest rates, and the value of the home. The money available through the Reverse Mortgage can be used for any purpose, and taken out as a lump sum, fixed monthly payments, line of credit, or in any combination thereof. Your home does not have to be owned free and clear to qualify for a reverse mortgage, your credit and income are never a factor when qualifying, and your name always remains on title.
A reverse mortgage does not have to be repaid until the borrower permanently moves out of the home, and the repayment amount will never exceed the value of the home. After the loan is repaid, any remaining equity is distributed to the borrower or the borrower's heirs.
The loan amount you qualify for depends on the youngest borrower's age, current interest rates, and the value of the home. The money available through the Reverse Mortgage can be used for any purpose, and taken out as a lump sum, fixed monthly payments, line of credit, or in any combination thereof. Your home does not have to be owned free and clear to qualify for a reverse mortgage, your credit and income are never a factor when qualifying, and your name always remains on title.
A reverse mortgage does not have to be repaid until the borrower permanently moves out of the home, and the repayment amount will never exceed the value of the home. After the loan is repaid, any remaining equity is distributed to the borrower or the borrower's heirs.
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