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The Ultimate Guide to Reverse Mortgages
What is a Reverse Mortgage?
Available to homeowners who are 62 years of age or older, a Reverse Mortgage allows you to borrow money by tapping into your home equity. The money can be used for any purpose such as home improvements, in-home care, medical expenses, an alternative to investment withdrawals or supplementing income.
A Reverse Mortgage is designed for homeowners with a variety of needs, from refinancing an existing mortgage to creating flexibility to accessing a line of credit or purchasing a new home. You typically won’t need to pay back the loan as long as you continue to occupy the property as your primary residence and comply with the terms of the reverse mortgage. Your loan will become due and payable when you sell your home, move out of your home permanently. Or when the last homeowner passes and/or you fail to meet the terms of your loan obligations.
You May Consider a Reverse Mortgage for the Following Reasons:
• A Reverse Mortgage allows you to continue to live in and own your home. A reverse mortgage DOES NOT mean that the bank or lender owns your home, instead you will retain ownership of the home.
• A Reverse Mortgage is a non-recourse loan, meaning you or your heirs will not owe more than the value of your home when the loan becomes due and payable.
How Do Reverse Mortgages Work?
Reverse Mortgages utilize a portion of the equity in your home and convert it into payments to you or to pay off your existing mortgage. Essentially, with a Reverse Mortgage, you may receive payments from the lender, instead of the lender receiving payments from you, as with a traditional mortgage. There is no set term for loan repayment. The loan becomes due and payable when you pass, sell the home, move out or fail to meet the terms of the loan obligations. Loan repayment is usually done by using the proceeds from the home sale or your heirs may also choose to pay off or refinance the mortgage without selling.
Your Right to Cancel During and After the Loan Process
During the loan process, you have the option to discontinue the loan. Even after executing the closing documents on a Reverse Mortgage loan, you still retain the right to cancel for up to three business days. T known as your right to rescission. To cancel the Reverse Mortgage, you must notify the lender in writing within the 3-day rescission period.
The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid. This is not tax advice. Consult a tax professional. These materials are not from HUD or FHA and were not approved by HUD or a government agency. NMLS #964665 All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice. This is an Advertisement.
About Best Home Reverse
Alex Palermo
Alex Palermo
Alex Palermo
My name is Alex Palermo; NMLS #964665. I’m a highly experienced lending professional with more than 11 years in the lending and real estate industries. I bring a wealth of knowledge and deep understanding to every transaction.
I’m committed to integrity, hard work, and sincerity to ensure that you receive quality service in realizing your dream.
My Approach
Alex Palermo
Alex Palermo
I believe in taking a personalized approach to each client's needs. My team and I work closely with our borrowers to understand their goals and develop customized solutions to help them achieve their desired results.