Am I qualified for a Reverse Mortgage?
Will my lender own my home?
What benefits can I get from a reverse mortgage?
- 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.
How will I get my payments?
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.
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.