For all your reverse mortgage questions, contact us and get your Free No Obligation Informational Guide. At America Reverse our obligation is to provide our clients with quality information on this program. It’s obvious that you may want to ask some questions or even have misconceptions about this service, we have all the answers!
  1. Am I qualified for a Reverse Mortgage?

    Reverse Mortage Experts Bill Medley

    Reverse Mortage Experts Bill Medley

Borrowers need to be at least 62 years old if they want to qualify for reverse mortgages. The home I question also needs to be the borrower’s primary residence at the time of application and during the life of the loan. The home also need to meet certain FHA requirements to qualify. And lastly, you will need to have sufficient equity in your home to qualify. All these factors are important and need to be meet in order to have a good shot at getting this loan. Our specialists at America Reverse can tell you if you have enough equity to qualify.
  1. Will my lender own my home?

Your lender will not own the title to your home. Just like any normal mortgage, as long as you meet the loan requirements you will be able to retain full ownership of your home, and you can sell the property anytime you wish to do so.
  1. What benefits can I get from a reverse mortgage?

The benefits of a reverse mortgage are as follows:
  • You won’t owe your funder more than you borrowed.
  • As long as you reside at your home, you will not have to make any payments on your loan.
  • You won’t lose your social security of Medicare benefits with a reverse mortgage
  • You will get better financial freedom and control that will provide you with security and dignity.

What limits do I have on the funds I can get?

This will greatly depend on a myriad of factors. First, the age of the youngest borrower or the non-borrowing spouse will have to be determined. The value of your home will also affect the amount of funds that you receive. The FHA usually has borrowing limits and the current interest rates also matter a great deal. The payment method that you finally choose, be it line of credit or a mixed combination will play a role in the amount of money you receive in the end. Our specialists can provide you with a quote that is tailored to your specific situation at no cost or obligation.
  1. How will I get my payments?

If you like, you can decide to receive your money in a lump sum or in a line of credit, monthly instalment payments, or a mix of these.  

 
  1. What happens if I pass away, will my children pay for the loan?

You will need to understand that reverse mortgages are non-resource loans. This normally means that after the last borrower has left the home or in the case that they pass away, the proceeds from the sale of your home are the only way that can be able to pay back your loan. However, in some circumstances, the loan usually ends up surpassing the value of the home the balance will be paid off by the FHA. Your heirs may also decide to pay off the loan, in case they want to keep your home.

  1. What are the costs will I incur processing a reverse mortgage?

You will be required to pay the property appraisal fees upfront, the origination fee, the mortgage premium, HECM counselling and a service fee. You, however, have the option of including some of these expenses into the mortgage, this will help you minimize out of the pocket expenses. However, the closing cost may vary from one borrower to the next depending on nature and amount requested. In the course of the loan life, interest and monthly insurance premiums accrue. You can contact “America Reverse” and get your Free No Obligation Informational Guide for more information.

If you are interested in getting more information about reverse mortgages or need assistance in getting one, fell free to contact us and get your Free No Obligation Informational Guide. At America Reverse, we pride ourselves in offering our clients with the best quality service. Contact us today! Check out what Bill Medley from the Righteous Brothers to say about reverse mortgages.

     

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