Senior homeowners can tap into accumulated home equity to release cash flow.
A reverse mortgage allows senior citizens to cash out their hard-earned equity in their primary residence for use as they please. This can go towards living expenses, paying off debt and more. Reverse mortgage benefits may also be used for a primary residence purchase as well for those perhaps looking to downgrade or relocate.
For Homeowners at Least 62 and Older
To qualify for a reverse mortgage purchase or refinance, the borrower must be at least 62 years old.
Increased Cash Flow
Senior citizens can choose how they receive their money, as a lump some or paid in installments.
Counseling Is Mandatory For All Borrowers
Borrowers must complete the required counseling class in person. This is HUD mandated counselling intended to educate and protect our senior citizens regarding the transaction.
Option Of No Monthly Principal & Interest Payments
Reverse mortgages do not require a monthly payment, but interest does still accrue on the balance. Homeowners must pay property taxes, applicable insurances, and etc.
Frequently Asked Questions
- Is it true that if someone obtains a reverse mortgage and dies, the mortgage company takes the house?
No, families of the borrower have 6 months to sell or pay off the mortgage. There are possible further extensions available. It is not a bank’s goal to foreclose on the property.
- Does the bank own the home when a reverse mortgage is borrowed against a home?
No. Just like other mortgages, the owner remains on the title at all times.
- Can I end up owing more than my house is worth?
FHA mortgage insurance covers any deficiency. This is a non-recourse loan which means other assets are not at risk.
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