Reverse Mortgage Senior Loans
Only available to homeowners that are 62 or older, a reverse mortgage is when the home owner converts part of the equity in their home to cash. Allowing them to make home improvements, pay off their mortgage, add to their retirement fund, or pay for their healthcare expenses. Mortgages Done Right Inc. can provide you with a suitable reverse mortgage loan program, based on your specific needs.
- Generally, a property owner has to be a minimum of 62 years of age. In case the title has 2 names on it, both title owners have to be 62 years or older.
- A Reverse Mortgage Loan does not have any income/credit requirements.
- The amount that you can borrow via a reverse mortgage loan program will
depend on your age, the actual value of the home, and the interest rate that will be added to the loan. When you contact us about a reverse mortgage, we will provide you with all of the necessary details about your possible eligibility.
- It is important to know that a reverse mortgage will be issued only on a primary residence. This could be a condo, a townhouse, single-family home, multi-family home with upto 4 units (if its owner lives there), or a manufactured home.
- You can apply for a reverse mortgage even if your home has not been paid-off.However, the existing loan will have to be paid-off either with your own money/with the reverse loan.
- Federal law also permits you to buy a new home via a reverse mortgage.
- Interest on reverse mortgages is not deductible on income tax returns until the loan has been paid off.
- If you sell your home, then you or your estates will have to repay the cash that you received from the reverse mortgage plus the interest and other fees to the lender.
If you are considering applying for a reverse mortgage, you will need the advice and guidance of an expert lender. Contact Mortgage Done Right Inc. at (561) 777-7622. You
can also send us your queries via this website form and we will revert within the shortest possible time.
Frequently Asked Questions:
Q: Can the lender take my home away if I out live the loan?
No. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current.
Another safeguard is that the borrower will never owe more than the value of the property at the time it is sold.
Q: How much money can I get from my home?
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less.
Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.
Q: Will I still have an estate that I can leave to my heirs?
When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees, to the lender.
The remaining equity in your home, if any, belongs to you or to your heirs.