The most important thing to know about a reverse mortgage is that you will always own your home with only your name on the title as the borrower!
The Reverse Mortgage is a home loan for seniors age 62 and over that are purchasing a primary residence and need a home loan or refinancing on a primary home they already own.
Here are some other things to know about a Reverse Mortgage:
- There are NO MONTHLY MORTGAGE PAYMENTS for as long as you live in the home (you are still responsible for the taxes, insurance and HOA payments
- The Reverse Mortgage loan will be paid off with the sale of the home when you no longer live in the home
- You can convert your home equity into cash and live more comfortably
What we will do to help you determine if the Reverse Mortgage is a loan that will benefit you:
- We will carefully access your individual financial situation which includes your current income, assets and expenses to determine how much money you will qualify for in a Reverse Mortgage
- We will then explain your eligibility options, and the benefits of those options
- We will also disclose the costs associated with the loan
- We will send you a list of Reverse Mortgage counselors to do your counseling with which is a requirement for the reverse mortgage