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Reverse Mortgage


If your goal is to remain in your home and maximize your golden years, then a reverse mortgage may be the perfect home financing tool for you. After all, retirement should never be a financial burden. Outlines below are various reasons which attract borrowers to a reverse mortgage. Retirement should not be a financial burden. Qualification is not based on your income or credit score, but rather is based on the equity of your home.

What are the Key Requirements of a Reverse Mortgage?

  • 62 years of age or older

  • Property must be owned outright or paid down considerably (call us to see if you meet the limit)

  • Property must be occupied as your Primary Residence

  • Borrower must have the ability to pay property taxes, insurance, and Homeowner Association Fees (if applicable)

 

What is the benefit of a Reverse Mortgage?

  • Monthly mortgage payment is deferred until borrower's death or until they no longer live in the residence

  • A line of credit may be established if qualified

  • Ability to receive a lump sum cash distribution and/or monthly distributions

  • Money may be used freely with no restrictions

 

Reverse Mortgage Frequently Asked Questions and Misconceptions:

  • What if I want out of my Reverse Mortgage, is this possible?

    • Yes! You are welcome to sell your house at any time and pay the reverse mortgage off just like a traditional mortgage. You may also refinance back to a traditional mortgage as long as you qualify for traditional financing.

  • If something happens, can my heirs still inherit my property?

    • Yes! Your beneficiaries will inherit your property per the instructions in your trust or will. They will have two options; retain the property and attain a new mortgage in their name, or sell the property and receive the proceeds.

  • What if I owe more than we can sell the home for?

    • A reverse mortgage is a non-recourse loan, so you will never owe more than the value of the property.

 


 

 

Call us today at 800-865-6266 to see if you qualify or submit a contact form.

 

As always, we will take the time to educate you on the pros and cons of this loan product to make sure it suits your needs. RWMI is a direct lender and consistently delivers timely service, with the utmost professionalism to make your loan process as transparent and smooth as possible. 


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