Reverse Mortgages and how it works

Reverse mortgages, how they work?

Introduction to Reverse Mortgages

What is a reverse mortgage - a government insured home mortgage loan specifically designed for seniors who want/need to release equity from their home.

Who Can Qualify For a Reverse Mortgage

• must be at least 62 or older
• own a home ( primary residence )
• have equity in the home
• never have defaulted on government debt

What are the Benefits of a reverse mortgage loan ?

• keep ownership of the property
• never have another mortgage payment
• income is tax free ( proceeds/funds you receive are tax free)
• select how you want to receive your income ( monthly, lump sum, both)
• you can sell home at any time
• you can leave home for heirs
• you are not at risk for foreclosures ( you have to pay for maintenance, taxes, and home insurance as this could lead to a technical foreclosure)

“Now that you have been introduced to the HECM reverse mortgage definition, qualification process, we can cover how does a reverse mortgage work!”

Reverse Mortgage Disadvantages

This is a loan, therefore when both borrowers pass away or move homes they will pay the loan back, also there are closing costs associated with this mortgage, but by using our free service to compare multiple lenders this wont be a disadvantage.

How reverse mortgages work?

Rhe reverse mortgage allows you to tap into your homes equity, this money is tax free and you can spend it as you wish. This is the only mortgage which is senior friendly as it does not require you to have income or credit scores.

To find out how much you can receive visit: Reverse Mortgage Calculator

To find out more visit Reverse Mortgage Information