A reverse mortgage allows you to pay off an existing mortgage and other debt, and never have another mortgage payment.
It sounds too good to be true, but it’s a valid program open to homeowners age 62 and older. This powerful loan program is actually a modified government-backed FHA loan, and has helped millions of aging homeowners keep their homes and eliminate monthly payments that may be too much for their retirement budgets.
Reverse mortgages don’t require an income check and or minimum credit score. But, if you have any judgments they’ll need to be paid off with the loan proceeds. Also, your home must meet FHA requirements and repairs may need to be made. Also, you must keep paying your property tax and homeowner’s insurance premiums.
No mortgage payments are due as long as you live in the home, but keep in mind that the principal balance and interest accrued is due upon moving out, selling the home, or upon passing away. It’s very likely that there will be little or no equity left in the home, especially for younger reverse mortgage applicants.
Here are a few questions to ask yourself if you are considering a reverse mortgage:
If you answered yes to all these questions, you might be a good candidate for a reverse mortgage. Call one of our experts at 1-888-896-6255 or complete a short online contact request for more information.