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What is a reverse mortgage?
A reverse mortgage is a loan against home equity providing cash advances to a borrower, and requiring no repayment until a future time.
** You do not need an income to qualify for a reverse mortgage
** You do not have to make monthly repayments on a reverse mortgage
** Cash advances provided by a reverse mortgage are paid out to the borrower in various ways.
** Cash advances are also known as “draws” in a reverse mortgage line of credit.
** Repayment of principal, interest and loan cost is not required until the borrower dies, sells the home, or permanently moves away.
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Single purpose Reverse Mortgage: Offered by some states and local government agencies. each loan can be used for a single purpose. For example, some are limited to home repairs, other to pay property taxes.
Federal Insure Reverse Mortgages are known as Home Equity Conversion Mortgages (HECMs).
Proprietary Reverse Mortgage: developed, owned, and insured by private companies. They may be more costly than the federally insured HECM.
Eligible Homeowners:
Age 62 and Over (all owners)
Occupy home as principal residency
Own home or HECM to purchase
Approved borrowers can choose from 5 payment options:
Tenure: Borrower receive monthly payments from lender as long as the home is occupied as principal residency.
Term: Borrower receives monthly payments from the lender for a period of months selected by borrower.
Line of Credit: Borrower can draw up to a maximum amount at times and in amounts they choose until the credit line is exhausted.
Modified Term: Borrower may combine a line of credit with monthly payments for fixed number of months.
Modified Tenure: Borrower may combine a line of credit with monthly payments for as long as one borrower remains in the home.