"The key to getting the most out of this important financial option is to get all the facts to make an educated. "Those interested in obtaining more information and a free, no-obligation.
Please keep in mind that the reverse mortgage industry in constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines. You can also learn about some of the misconceptions people have of reverse mortgages in our FAQ area.
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These 10 reverse mortgage facts can help you feel more confident when deciding if this loan is right for you. The Reverse Mortgage is a Loan The reverse mortgage is a type of loan for homeowners who are 62 and older who wish to access a portion of their equity.
Top Ten Reverse Mortgage Facts You must be 62 or older to qualify. If there are multiple borrowers, You must have significant equity in your home. As a rule of thumb, you need about 40% equity. You must live in the house. The loan can only be taken on a home that is your primary residence..
Reverse mortgages, including government-insured Home equity conversion mortgages (hecms), are quite different than the traditional forward mortgages that many homeowners are familiar with. Lack of research and proper education about the details of a HECM reverse mortgage has resulted in misinformation in mainstream media.
The Equitable Bank Reverse Mortgage can help you live a more comfortable life. What if you could access funds to meet your financial needs? A reverse mortgage releases the equity you’ve built in your home by turning a portion of it into an additional source of cash – tax and payment free.
Here are some key reverse mortgage facts to help you decide if it could be the right fit: Fact #1: A reverse mortgage is a loan. A reverse mortgage is a loan specifically for borrowers who are at least 62 years old and have sufficient equity in their home.
Next, you will be required to meet with a FHA-approved lender. You can find more information on participating in this program and contacting a lender at HUD.GOV. When Does a Reverse Mortgage Become Due? After certain events occur, payments on your reverse mortgage will become due, including: All borrowers have died.