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Reverse Mortgages: An Alternative to Traditional Mortgages.

 

Reverse mortgages may be a good alternative for certain homeowners. Borrowers that may find this type of loan desirable are those that may not have sufficient income or credit to qualify for a traditional mortgage. In addition, homeowners that wish to borrow against the equity in their home but do not want to make regular payments my find this type of loan appealing.

 

Here is another example where a mortgage professional can assist homeowners to understand the borrowing options that are available and help them make an infirmed decision that is right for them.   

 

  • Minimum homeowner age is 55

  • No income or credit qualifications

  • Location & type of home must qualify

  • Appraisal of home is required

  • Depending on age of homeowners, up to 50% of the appraised value may be accessed

  • Funds can be received as a lump sum or in specified amounts over time

  • No regular payments are required

  • Payment of interest only is an option for homeowners

  • Full amount of loan is due only when home is sold or both homeowners move out

  • Early payment fees may be waived or reduced if homeowners die or move to long-term care facility

  • Title remains in homeowner’s name

  • Homeowner will never be asked to move or repay loan

  • Repayment amount guaranteed never to exceed market value of home

  • Variety of interest rates and terms are available

  • Interest is added to outstanding balance of loan

  • Start-up costs  are home appraisal, legal fees (including ILA) & closing costs

 

For an informed, intelligent choice...
 

 

 co·gent [ kṓjənt ]rationally persuasive: forceful and convincing to the intellect and reason. Compelling, conclusive, effective, satisfying.

 
 
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