Reverse Mortgage Loans are perfect for homebuyers over age 62.
With a Reverse Mortgage, borrowers over the age of 62 can convert their home equity into cash and defer the payment until their death, or until they sell their home. Each month, the interest is added to the loan balance, which can eventually rise to exceed the value of the home. Typically the borrower, nor their estate, is not required to repay any additional loan balance in excess of the value of the home. Reverse Mortgages allow seniors to enjoy their golden years without a mortgage payment.
Reverse Mortgage Loan Features & Benefits
- Borrower must be >62 years of age
- Property must be Primary Residence
- No monthly mortgage payment, however borrower is responsible to pay property tax and insurance
- Minimal income and credit requirements
- You remain the owner of your home
- Generally does not affect Social Security or Medicare benefits
- Income from a reverse mortgage is not taxable
- Money can be used for any purpose such as home repairs & maintenance, long-term care, medical needs or paying debt