Why would I want a Reverse Mortgage
This mortgage is designed for the elderly, specifically homeowners over the age of sixty-two.
What can I use a reverse mortgage for and what are my options for a reverse mortgage
This mortgage is a unique alternative to Home Equity Line of Credit and Second Mortgages. It allows elderly homeowners to translate some of their home equity into cash. They can receive the mortgage in a lump sum, in monthly installments, or as a credit line account. They do not have to pay this mortgage back until the home is no longer their primary residence, they decide to sell the home, or they pass on. This mortgage is useful because it gives elderly people, the majority of which are retired and thus on a fixed income, extra money that can be used for medical bills, tropical vacations, or unexpected expenses that pop up. However, this mortgage is only a good plan for those who plan to stay in their home for a good period-of-time. The up front costs for such a loan are high, and do not pay off over a short period.
Why should I get a Reverse Mortgage
People relying on their retirement or social security get this mortgage. Many find that it allows them to make necessary home improvements (ex. installing a ramp for wheelchair access) that they would otherwise be unable to afford. Another beneficial aspect of this mortgage is that the amount owed can never be greater than the appraised value of the home, and in the event that you sell the property for more than your reverse loan balance, you keep the balance.
How can I get a Reverse Mortgage
We are proud to offer Reverse Mortgages. Start the process right now! Click here to begin.
How can my FICO/Credit Score effect my mortgage rate
Your credit score is important. If you scored between 720 and 850, you are A-Paper. Anything below 620 is Sub-Prime or Non-Prime, but even those with a score around 660 will have trouble finding a lender.
Q: Are there specific types of Reverse Mortgages?
A: Yes, they are the Home Equity Conversion Mortgage, Fannie Mae Home Keeper & Home Keeper for Home Purchase, Financial Freedom Cash Account, and CHIP Reverse Mortgage for Seniors (Canada).
Q: Will this mortgage interfere with my Medicaid?
A: It depends on how you receive your payments and how you spend them. If you receive monthly payments and do not spend all of the money in the same month you receive it, you will be required to report any unspent money as a resource.
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