A Reverse Mortgage is available in fixed rate and adjustable rate.
Are you 62 years or older and looking for ways to increase your monthly cash flow, eliminate your monthly mortgage payment, or buy a new home?
Do you worry about day to day living expenses, and want to capitalize on your home equity as an asset?
A reverse mortgage is an insured loan program that gives senior citizen, 62 and older more financial options to eliminate their monthly expenses, access cash, or move into a home that better suits their life style needs. A reverse mortgage is used to pay off your existing home loan, or if the case that your home is already paid off, you can use the reverse mortgage to turn your equity into cash flow.
As long as you live in the home as a primary residence, you will receive all your qualifying benefits of the reverse mortgage terms which may include one or more of the following; no monthly mortgage payment, one lump sum of money, monthly payments to you, or a line of credit for you to access as needed. Once the last living borrower has deceased, the balance of the reverse mortgage loan, or the home’s current value, whichever is lower, will be due. In the case that the home value drops below the amount used in the reverse mortgage, the amount difference will be covered by the FHA mortgage insurance fund, not by inheriting individuals.