The property owner must be 62 or over. In addition, the home must be your primary residence and have adequate equity to qualify for a loan.
Find clear answers on reverse mortgages.
Your income and expenses may be reviewed to ensure that the property taxes and homeowners insurance will be maintained. A credit report is often provided while the loanee is welcome to provide a letter of explanation outlining the credit report.
No, however, property taxes, and homeowners insurance are still required.
No, the home remains yours until you or your heirs decide to sell the property. Maintaining the home is still your responsibility.
Yes. There are typically three factors which determine your loan amount; home value, current interest rates, and age of the borrower. Mark Schow is experienced in making sure you receive as much cash as you can possibly qualify for.
A reverse mortgage is a non-recourse loan, which means you can never owe more on your loan than the worth of the home at the time of the loan being repaid.
Typically, fees include the title fee, appraisal fee, and escrow.You may also purchase a HUD government insurance plan to protect you, your heirs, and your lender in case your mortgage balance exceeds your value. This guarantees your funds and ensures a non-recourse loan.