Reverse Mortgage Optons for Connectcut Seniors

Reverse mortgages are becoming increasingly popular. You can hardly turn on the television with out seeing a celebrity endorsing a reverse mortgage company. So what are reverse mortgages and how do they work?

First you have to be at least 62 years of age. You have to have a certain amount of “equity” in the property. Most think your home has to be free of a mortgage. New rules have been added so borrower either have to show an ability to pay the taxes and insurance due on their home or set aside proceeds from the loan to pay these.

With a reverse mortgage you have the ability to payoff an existing mortgage, debt, etc.. The advantages of a reverse mortgage are unlike a traditional mortgage, you do not have to pay a monthly mortgage payment. This can save homeowners thousand a month and make it easier to make ends meet. You can use the reverse mortgage to take out cash as needed.

The Reverse Mortgage Program is also known as the HECM (Home Equity Conversion Mortgage) is a federally back program. With this program you will want to make sure it is right for you. Additionally the borrowers will need to go through counseling so they understand the positives and negatives of the program.

For any questions do not hesitate to reach out to me at 860-334-1354.

Craig Thibeau
Senior Loan Officer
North East Financial Middletown, CT
Ph 860-334-1354
NMLS 398576 Company NMLS 117273
craig@northeast-mortgage.com
www.northeast-mortgage.com