Reverse Mortgage
Reverse Mortgages
What is a Reverse Mortgage? A Reverse Mortgage is like a traditional Home Equity Loan or Cash-Out Refinance Mortgage only there is NO monthly payment. Unlike a traditional Home Equity or Cash-Out Refinance where the loan is repaid in monthly installments a Reverse Mortgage is repaid when the home is sold. The Reverse aspect comes from the fact instead of you paying for your home your home pays you. This is a great option for those 62 or older on a fixed income where minimizing monthly payments and maximizing monthly cash flow for living expenses is a priority.
What are the eligibility requirements?
- Borrower must be 62 or older
- Borrower must have equity in their home
- Reverse Mortgages can only be used against primary residence
- Borrower must continue to pay property taxes, home owners insurance and maintain the property in reasonable condition
- Borrowers can receive a lump sum of cash, a credit line, payments for a fixed period of time or payments for life.
Reverse Mortgages are a specialized product backed by the federal government that can offer the aging consumer added comfort knowing they can maintain their independence for years to come. We are so committed to our aging consumers that Mortgages Unlimited has established a Reverse Mortgage Division dedicated to educating and informing our clients on how they may benefit from a Reverse Mortgage.
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