Reverse Mortgage Loans

A Reverse Mortgage loan is a type of finance for elderly individuals who own a home to leverage their property’s value into a tax-free lump sum without having to sell or move. A reverse mortgage is insured by the U.S Government, the Department of Housing and Urban Development (HUD) and allows homeowners who are 62 years of age or older to borrow against the equity of their homes. 

With this type of loan, a qualifying property owner can opt to receive payments that are tax-free from a reverse mortgage lender either on a monthly basis, within a lump sum or as a line of credit instead. With a reverse mortgage, an individual is not required to have any sort of income and credit checks are not required to qualify. In addition, repayments are not required while a borrower lives in the home and Social Security and Medicare benefits will not be affected by receiving this loan. 

Reverse mortgage lenders are paid the amount of the loan when the home is sold (when the owners choose to move or pass away). Keep in mind that reverse mortgage borrowers continue to own their homes and because there are no monthly loan payments due, the amount owed grows over time. 

Does my home qualify for a reverse mortgage?
If you are interested in this type of mortgage, the first criteria to consider is whether or not your residence meets HUD Standards, which is required to move forward. The reverse mortgage must be the only mortgage on the residence. That means that if there is a current mortgage on the property, it must be able to be paid off with the proceeds of the reverse mortgage.

Examples of qualifying homes:
•    Single Family One-Unit Residences
•    2-4 Unit Owner-Occupied Residences

 Residences that may qualify:

•    Manufactured Homes
•    Condominiums and
•    Planned Unit
•    Developments

How does the Reverse Mortgage process work?
For further information applying for a reverse mortage or to get started on this simple process, please contact us at Mortgage Team 1 at (251) 650-0805

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