Reverse Mortgages are loans taken against the equity one has in their home. These loans are insured by FHA and have several features that might make them an attractive option for homeowners.
First you have to be over 62 years of age and have “equity” in your home. The lender does not take income, assets or credit worthiness into consideration when qualifying for these mortgages.
You are able to borrow against the equity in your home and do not need to make payments back to the mortgage company. You do have to continue to pay your taxes and homeowners insurance.
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You are able to take money each month to supplement income or at closing take the entire amount and use it to pay off debt, home improvements, or set it aside as a nest egg for future use.
The loan only needs to be paid when you sell the home or no longer live there. This means if you continue to reside in the home you cannot out live the loan.
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When the homeowner passes away the estate is given the estate is given the option to repay the mortgage or sell the home. If the sale of the home is not enough to pay off the reverse mortgage, the lender must take a loss and request reimbursement from the FHA. No other assets are affected by a reverse mortgage. For example, investments, second homes, cars, and other valuable possessions cannot be taken from the estate to pay off the reverse mortgage.
Please call me today for a free consultation on your Reverse Mortgage Needs.
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
