An Introduction To Reverse Mortgages

Many homeowners have found a Reverse Mortgage is a great way to take advantage of equity built into their home or to even purchase a new home. 

A Reverse Mortgage is different than a traditional forward mortgage. With a traditional forward mortgage you make monthly mortgage payments, but with a Reverse Mortgage the lender pays you money through;

• monthly installments,
• a one-time lump sum payment,
• a line of credit or a combination of a line of credit and monthly installments.

The money received is dependent on;

• your age,
• the value of your home,
• the Reverse Mortgage program and
• the current interest rate.

One of the great advantages of a Reverse Mortgage loan is that you are not required to pay the loan back until;

• the home is no longer your primary residence,
• you fail to maintain the home,
• you fail to pay property taxes and/or homeowner's insurance or
• you do not otherwise comply with the terms of the loan.

To continue learning more information on when a Reverse Mortgage comes due, click the following link for our next topic: What about Repaying a Reverse Mortgage Loan. 

If you’re aged 62 or older and either own your home or looking to purchase a new home, you might be eligible for a Reverse Mortgage. Contact us to discuss Reverse Mortgage options currently available and ways to make one work for you.

Our no obligation Reverse Mortgage QuickQuote and PersonalQuote from a Reverse Mortgage Planner are both great places to begin. No credit inquiry is required and we will modify quotes to help you compare Reverse Mortgage options. 

If you are looking for education materials and information, we are glad to help with that too.