Reverse mortgages are an option for older homeowners to consider if they would like to stop monthly payments on their home. However there is some confusion on what is involved in a reverse mortgage. Here are a few basic guidelines and questions, plus a website that goes into detail on how to get a reverse mortgage.
Who qualifies for a reverse mortgage? Homeowners that are aged 62 and older
How much money can you get? This will depend on many factors, such as: age of the youngest spouse, interest rates at the time of your loan, the lending limits in the area, and the appraised value of your home. Your mortgage professional can give you a better idea of the amount available for a reverse mortgage on your home.
What payment plans are available? There are several options available to you. You can receive all of the money in one lump sum, have monthly payments paid to you for the duration of living in your home, or create a line of credit that you can draw on at any point in time. You may also make a combination of these three options.
Does my home qualify? Homes that are eligible generally include single family homes, 2-4 unit homes, condominiums, townhomes, and some manufactured homes
This is just a brief introduction to common questions on reverse mortgages. For an additional source of answers:
Janus Real Estate Group * Heather Anderson * 972-765-3773
