Reverse Mortgage Rate

Reverse Mortgage Rate

A reverse mortgage rate is a special type of mortgage, which enables you as a homeowner, to tap the equity you have in your home while giving you the maximum amount of flexibility to address your particular financial needs.

Whether it is in a lump sum to pay an unexpected hospital bill, or a stream of regular payments to supplement your monthly income. Unlike traditional home equity loans, no repayment of the loan is required until you no longer occupy the home as your principal residence.

With reverse mortgage rates, you borrow against the value of your home and receive loan proceeds according to the payment plan that you select. These plans are described on the following pages. As a borrower, you are permitted to change payment plans at any time after the origination of online marketing systems. You may change payment plans, as many times as you wish.

When you sell your home or vacate it for any reason, the accrued interest plus what the lender has lent you through the years is due. The only requirements for a reverse mortgage are that you be 62 or older, you own your own home, and that the lender can pay off any liens, or mortgages that are on your home.

Who Qualifies for Reverse Mortgage Rates?

  • All Seniors must be age 62 or older and occupy the property.
    The deed does not have to be in your name, please call us for details about this.
  • You can own other properties, including a vacation home, as long as the property the reverse mortgage is on is your primary residence.
  • You must live in the home for at least one month each year and it must be your primary residence.
  • The home must be owned free and clear or only a small remaining balance (mortgage) exists. (The reverse mortgage may be used to pay off the balance on an existing loan).
  • The home must be one of these types: – single family home – condominium or townhouse – duplex, triplex or 4-plex – where you live
    in one of the units – some permanent mobile homes (second homes and non-permanent mobile homes don’t qualify)