Is a Reverse Mortgage Loan for You?
Shopping for a Reverse Mortgage Loan? We will be glad to assist you! Call us at 1-801-399-2364. Want to get started? Apply Online Now
A reverse mortgage loan (also called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes.
Loan amounts are determined based on borrower's age, current interest rates, and the lesser of the value of the home or FHA's national HECM lending limits.
The loan does not have to be repaid until the homeowner sells his home, moves away, or passes away.
After you sell your home or is no longer used as your main residence, you (or your estate) have to pay back the lending institution for the funds you received from your reverse mortgage plus interest and other fees. Loan must also be repaid if the borrower fails to comply with the loan terms, such as paying taxes, insurance, and maintenance costs;
Who is Eligible?
Most reverse mortgages are appropriate for homeowners who are at least sixty-two years of age, have a small or zero balance in a mortgage and maintain the home as your principal residence. Borrowers must also meet the financial assessment requirements.
Many homeowners who live on a fixed income and need additional funds find reverse mortgages advantageous for their circumstance. Rates of interest can be fixed or adjustable and the funds are nontaxable and do not interfere with Social Security or Medicare benefits. SSI and Medicaid can be impacted.
Your house cannot be taken away by the lending institution or sold without your consent for living longer than your loan term, but you must comply with all the loan terms of the reverse mortgage.
If you would like to find out more about reverse mortgages, feel free to call us at 1-801-399-2364.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
Mortgage Miracles Happen, LLC can answer questions about reverse mortgage loan. Give us a call: 1-801-399-2364.