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REVERSE MORTGAGES
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REVERSE MORTGAGES
What is a reverse mortgages?
A reverse mortgage allows seniors to convert their equity into cash to improve their quality of life and continue living in their homes.
Requirements to Qualify
To qualify for a reverse mortgage loan, you must meet certain eligibility criteria. The basic requirements include:
- A borrower on title must be at least 62 years old.
- You must own a significant amount of equity in your home. (typically at least 50%).
- You must live in the home as your primary residence.
- Minimal credit and income requirements for a reverse mortgage.
- Loans to 2 million dollars.
Potential Benefits of Reverse Mortgages
Proceeds can be use to:
- Pay off your existing mortgage. Allowing you more disposable income.
- Pay credit card and installment debt.
- Do home repair, remodels, update home, etc.
- Buy a new car or motor-home. Go places where you want to go.
- Pay unexpected medical procedures or medications.
- Proceed can be used for just about anything.
Regular retirement income:
Reverse mortgages can provide regular income. This can be especially beneficial if you own a home but don’t have extensive retirement savings and investments.
Tax-free money:
The proceeds of a reverse mortgage are not considered taxable income, which means you won’t owe taxes on them. Since loan proceed are not counted as income, they won’t interfere with your Social Security or Medicare benefits.
Cash out equity without selling your home:
Reverse mortgages allow you to access the equity in your home without having to sell it. This can be a good option if you need additional funds for expenses like medical bills or home repairs.
No monthly payments:
Unlike traditional mortgages, reverse mortgages do not require monthly payments. Instead, interest accrues over time.
Protection from loss:
Reverse mortgages are non-recourse loans, which means that you will never owe more than the value of your home at the time the loan becomes due. If your home is worth less than the amount owed on the loan, the lender will absorb the loss.
What can trigger repayment of a reverse mortgage?
- The last survivor passed.
- Property taxes or home owner insurance are not paid.
- If the borrower move out for more than six months.
- The property is listed as a rental.
- General maintenance is neglected.
