You’ve heard a lot about reverse mortgages—in order to keep it simple here are some key facts to
remember when considering a reverse mortgage:
Key Points To Remember Regarding Reverse Mortgages
- Reverse Mortgages can be made on primary residences only.
- Each person on the deed to the property must be at least age 62 at closing.
- Title to the property remains in your name(s).
- No monthly re-payments are required for the reverse mortgage.*
- The client(s) responsibilities are to pay property taxes, homeowner’s insurance, other relevant property charges, and to keep the home in good repair.*
- The reverse mortgage does not have to be repaid until the home is no longer your primary residence.*
- The amount you can receive from a reverse mortgage (principal limit) is determined by the age of the youngest bor-rower, property value, and interest rates.
- The flexible ways you can receive your reverse mortgage proceeds include lump-sum at closing, line of credit, monthly payments, term payments for a set time period, and/or a combination of the above .
- All potential reverse mortgage clients are required to participate in an educational counseling session conducted by an FHA-approved, independent consumer education firm.
For a Confidential Consultation,
individuals should contact
NMLS ID# 446785
NMLS ID# 448538
*Terms and conditions are subject to agency and investor guidelines in effect at the time of application. Loan programs may change or be eliminated without notice or obligation. Not all borrowers qualify for all programs. All property taxes, homeowners’ insurance, and HOA dues are the responsibility of the borrower. Failure to remain current on all relevant property charges can cause the reverse mortgage to go into default.