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 Reverse Mortgage


 
 

  What is a Reverse Mortgage?

A reverse mortgage is a home loan that allows the property owner the ability to convert the home's equity into cash.  Instead of a traditional home loan, where you make payments to the lender, the lender makes payments to you.  A reverse mortgage differs from a home equity loan or a second mortgage because the loan doe not come due for repayment until the borrower no longer resides in the home. 
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  Who Qualifies for a Reverse Mortgage?
  • *Must be 62+
  • *Must live in home
  • *Must own home
  • *Current on Property Taxes
  • *Home in good condition
  • *Current on Homeowner's Insurance
  • *Home must be $100k+
  • *LTV (loan to value) must be <45%

 Do I still own my home?

Reverse Mortgage 

When you get a reverse mortgage loan, you own your own home.  The reverse mortgage loan allows you to use your home's equity to get cash. As long as you pay your taxes, insurance and comply with the terms of the loan, you remain the owner and live in the home.  If you would like more information or talk to a reverse mortgage specialist click below. 
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Reverse Mortgages


 

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