Reverse Mortgages for Owner Occupied Single Family Residences
If you are over 62 years old, own your home and have accessible equity to use, you can get a Reverse Home Mortgage. The older you are, the more cash you can get.
You may be able to receive cash in addition to the other benefits. The Primary Reverse Mortgage is an FHA/HUD backed loan. That is to say that you are guaranteed to receive the Loan Payment Program you selected.
This Reverse Mortgage loan is for people with limited income that want to stay in their home, payment free, until they pass away. However, you can take out a Reverse Home Mortgage Loan, and still be free to sell your home at any time.
The Reverse Mortgage is a fabulous program for some Senior Citizens.
Typically, a reverse mortgage allows homeowners 62 and older to receive either
monthly payments or one lump sum from the property’s equity without having to sell the property or make monthly repayments.
The reverse mortgages also don’t have to be repaid for as long as residents do not move, but they must be repaid in full, including all interest and other charges, when the last living borrower dies, sells the home or permanently moves away.
The borrowers continue to own their homes and are responsible for property taxes, insurance and repairs. Negative credit is considered only in the sense that perhaps the borrower has trouble planning for future events, and a portion of the loan proceeds can be set aside for these contingencies.
Please contact me for more information. Judy