A Reverse Morgage is a non-recourse loan, which means the borrower (or the borrower's estate) of a reverse mortgage will not owe more than the future loan balance or the value of the property, whichever is less. If the borrower or representatives of his/her estate choose to sell the property to pay off the reverse mortgage loan, no assests other than the home will be used to repay the debt. If the borrower or his/her estate wishes to retain the property, the balance of the loan must be paid in full.
Let Your Home Take Care of You with a Reverse Mortage/Home Equity Conversion Mortgage
Reverse mortgages were created specifically for senior homeowners, allowing them to make the most of the equity they have acquired in their homes.
With a reverse mortgage, you borrow against the equity you have established in your home and do not need to repay the loan for as long as you live in the home as your primary residence, maintain your home in good condition, and pay property taxes and insurance. You can live in your home and enjoy making no monthly principal and interest mortgage payments.
Depending on your financial situation, a reverse mortage has the potential to help you stay in your home and still meet your financial obligations.
Reverse Mortgages vs. Traditional Mortgage or Home Equity Loans
A reverse mortgage is the opposite of a traditional mortgage. With a traditional mortgage, you borrow money and make monthly principal and interest mortgage payments. With a reverse mortgage, however, you receive loan proceeds based on the value of your home, the age of the youngest borrower, and the interest rate of your loan. The loan must be repaid when you pass away, sell your home, or no longer live in the home as your primary residence.
Let Your Home Take Care of You with a Reverse Mortage/Home Equity Conversion Mortgage
Reverse mortgages were created specifically for senior homeowners, allowing them to make the most of the equity they have acquired in their homes.
With a reverse mortgage, you borrow against the equity you have established in your home and do not need to repay the loan for as long as you live in the home as your primary residence, maintain your home in good condition, and pay property taxes and insurance. You can live in your home and enjoy making no monthly principal and interest mortgage payments.
Depending on your financial situation, a reverse mortage has the potential to help you stay in your home and still meet your financial obligations.
Reverse Mortgages vs. Traditional Mortgage or Home Equity Loans
A reverse mortgage is the opposite of a traditional mortgage. With a traditional mortgage, you borrow money and make monthly principal and interest mortgage payments. With a reverse mortgage, however, you receive loan proceeds based on the value of your home, the age of the youngest borrower, and the interest rate of your loan. The loan must be repaid when you pass away, sell your home, or no longer live in the home as your primary residence.
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