How Do Reverse Mortgages Work?
To qualify for a reverse mortgage, you must be at least 62 years of age and own your home. If you have equity in your house a reverse mortgage can provide the funding you need while allowing you to stay in your home. You may stay in the house with funds to cover health care costs or other expenses. As a borrower you are to continue to pay the taxes and insurance on the home.
If you own your home, a reverse mortgage loan offers a number of benefits. For many, a reverse mortgage allows seniors to stay in their home rather than downsize. Also, it pays off any existing mortgage so you are no longer have monthly payments.
Meet with a HUD Counselor
Before applying, seniors will meet with a HUD-approved Adviser. These sessions allow the expert to provide an overview of the loan process as well as answer in detail the borrower's common question of "How does a reverse mortgage really work?"
Apply for your Reverse Mortgage
The licensed Reverse Mortgage Consultants can help seniors and their families decide whether or not a reverse mortgage loan is the best option. The reverse mortgage application process is pretty simple and straight forward.
There are no income or credit requirements.
A licensed appraiser will conduct an appraisal. Based on that, the amount an individual will receive as a loan will depend on the value of the home, the age of the homeowner, and current interest rates.
Receive your Reverse Mortgage
Reverse Mortgages are backed by the Federal Housing Administration (FHA),you will have the option of regular monthly payments, a lump-sum advance, or a line of credit.
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