What is a Reverse Mortgage Loan?
The reason this type of mortgage is called a “reverse mortgage” is because the money goes directly to the home owner instead of into paying for the home.
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, fails to maintain the home or otherwise fails to comply with loan terms.
Why should I get a Reverse Mortgage Loan?
Typically those who benefit most from a reverse mortgage loan are those who plan to stay in their homes over an extended period and have built up equity in their homes.
Contact one of our professionals today to find out if you have enough home equity to make a reverse mortgage a good decision for you. If you have a good amount of equity in your home and you plan on staying there for an extended period of time then a reverse mortgage might be right for you.
How do I qualify for a Reverse Mortgage Loan?
If you own your home and are 62 years of age or older you are eligible for a reverse mortgage. The home you are thinking of taking the reverse mortgage out on must generally be your primary residence. There are some conditions to what type of home may qualify.
- Typically single-family units
- Manufactured homes and planned developments can qualify for some loans
- Most mobile homes and co-ops are 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 apply now!
These materials are not from HUD or FHA and were not approved by HUD or a government agency. The Sender is not in any way affiliated with any organization listed or referenced within this website, including HUD/FHA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners. For information directly from HUD/FHA, visit http://www.hud.gov/hudclips