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Home > The Truths About Reverse Mortages
The Truths about Reverse Mortgages
You will always own your own home!
You or your estate continue to retain ownership of your home. The lender's interest is limited to the outstanding loan balance and they do not take control of the title.
You or your heirs will never owe more than you house is worth!
The Reverse Mortgage is a non-recourse loan. This means that the lender can only derive repayment of the loan from the proceeds of the sale of the property and will never be entitled to an amount greater than the sale of the house..
There are no income, credit or health guidelines for qualifying!
There are no income, credit or health requirements to qualify. To qualify, homeowner should have sufficient value in the home, be at least 62 years of age, and use the home as their primary residence.
You will never make a monthly payment on your Reverse Mortgage!
Payment of insurance, taxes and general upkeep of the home are the only responsibilities of the homeowner. There are never any monthly payments.
Your home does not need to be free and clear or paid off in order to qualify!
You may have a mortgage or other debt on your home. However, the mortgage or debt must be paid off with the proceeds from the reverse mortgage.
You can get a Reverse Mortgage even when your house is in need of repair!
A reverse mortgage is a great way to get some needed home repairs accomplished without increasing monthly payments. As part of the process of getting a reverse mortgage a property appraisal is performed by a FHA-licensed appraiser. In addition to estimating the home value the appraiser gives a listing of any repairs that would be required to bring the home up to FHA property standards. Usually, these repairs can be performed after the reverse mortgage is in place and paid for by the proceeds of the loan.
Reverse Mortgages benefit seniors by addressing a variety of financial situations!
Even though some seniors may have a greater need than others for the cash or monthly income, the Reverse Mortgage can also be an excellent financial or estate planning tool to enhance the quality of life and better manage their assets.
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