Many homeowners have felt strained recently due to rising costs, including healthcare, food, gas and home expenses. This strain can be especially hard if you are living on a fixed income. A reverse mortgage could be a great solution.
Many families have not heard of an option that allows seniors to get access to additional funds without depending on others. A reverse mortgage is that option. Learn more information below!
Reverse Mortgage Basics
- Equity in the home is used to pay off the current mortgage.
- If there is sufficient equity, additional funds can be received.
- The homeowner has no monthly payments as long as certain requirements are met.
Reverse Mortgage Eligibility
- Applicants must be homeowners and at least 62 years old.
- Homeowners must use the home as his or her primary residence.
- There are no income or credit qualifications.
Reverse Mortgage Requirements
- Homeowner is responsible for paying real estate taxes.
- Homeowner must stay current on homeowner's insurance.
- Homeowner must maintain all home repairs.
Reverse Mortgage
Disbursement Options
- Single lump sum.
- Credit line.
- Monthly cash advance.
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Reverse Mortgages are Non-Recourse
- If the home becomes the heirs' responsibility, they can pay off the reverse mortgage by selling the home or refinancing the home into a traditional mortgage.
- If the balance of the reverse mortgage exceeds the home's value, the home can be sold and the government will cover the difference.
- Once the home is sold and the reverse mortgage balance has been paid off, if there are additional proceeds left over, the additional funds will go to the homeowner's heirs.
These pages may also interest you:
- Learn about the history of reverse mortgages.
- Discover other types of financing that may be a better fit for you than a reverse mortgage.
- Find other reverse mortgage resources for seniors.
- Learn different ways that reverse mortgage funds can be utilized.
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