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- You begin by meeting with one of our reverse mortgage specialists to determine the precise loan program(s) and amount you qualify for. During this process, we consider your age, home value, and current interest rates to help you decide which plan is most beneficial for you and your family. Generally, the older you are and the higher the value of your home, the higher the loan amount you will qualify for.
- Reverse mortgages are based primarily on the equity you've built in your home, so there are no employment, income, or credit requirements to meet.
- Full title and property rights remain yours (just like a traditional mortgage) until the property is sold or vacated, at which time the unpaid principal and accrued interest become due.
- Government insured programs can provide you a monthly income, an equity line of credit, and/or one lump sum cash payment (subject to HUD/FHA lending limits for a fixed term). When the loan becomes due, your heirs will have the option of either repaying the loan in full and retaining title, or simply selling the property to pay the loan off, whichever they prefer. It's their choice.
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