Entries Tagged 'Reverse Mortgage Info' ↓

If you are at the age of retirement but know that you do not have enough cash in your reserve to supplement you for the remainder of your life, you should consider getting a reverse mortgage on your home.  Those who qualify for a reverse mortgage must over the age of 62 years old (every person on the house deed must be over the required age) and you must own your home outright and be a permanent resident in the home.  With a reverse mortgage, you are able to borrow up to 100% of your home equity value and will not be made to pay it back until after both of the homeowners are deceased or if you decide to sell the home.  If you need more reverse mortgage info, call your local mortgage broker today.

Quick Answers for Some Reverse Mortgage FAQ Not familiar with reverse mortgages? Join the club. Want some answers to reverse mortgage FAQ’s?  Here they are.

A reverse mortgage is an option for senior homeowners to take out a loan against the value of their home which doesn’t have to be repaid until death or the homeowner moves out.

You have to be at least 62 years old to qualify for a reverse mortgage.

Unlike home equity loans, you don’t have to make any monthly loan payments with reverse mortgages, making them ideal for retirees living on a fixed income without the means to make periodic payments.

Interest rates are generally based upon the U.S. Treasury security rates, and are adjusted either monthly or annually depending upon the loan.

The final answer for a reverse mortgage FAQ: loan limits are set based upon age of the homeowner, appraised value of the home, and current interest rates.

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