Reverse Mortgages

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A reverse mortgage allows homeowners age 62 and older to tap into home equity by converting a portion of their property’s stored value into cash. These tax-free loan proceeds can be used for any purpose, be it for paying medical bills, covering your home repair costs, or using them to shore-up an investment portfolio in years of negative returns and market swings.

Reverse Mortgage Banks

Home Equity Conversion Mortgages (HECMs) represent most of the reverse mortgages found on the market today. These loans, which are insured by the Federal Housing Administration, differ from a traditional mortgage in the sense that rather than making monthly payments to a lender, a HECM reverse mortgage borrower instead receives money from the lender.

With a reverse mortgage, you are essentially borrowing against your home equity. The money borrowers receive from a reverse mortgage represent the loan balance, which increases over the life of the loan. Borrowers are not required to repay the loan until the home is sold or otherwise vacated.

It is important to note that borrowers are required to remain current on property taxes and homeowner’s insurance associated with their residence. When qualifying for a reverse mortgage, a lender will conduct a financial assessment to ensure you have the capacity to afford these ongoing taxes and insurance obligations.

The Payment Options – Including a Government Insured Monthly Check for Life

The loan amount qualified borrowers are eligible to receive depends on several factors, including their age, the appraised value of their home, interest rates, upfront costs and, in the case of couples, the age of the younger spouse.

Borrowers can choose to access their home equity through several payment options, including a single lump sum payout, a line of credit, a term payment that pays out monthly fixed installments for a specified period of time, or a tenure payment, which provides borrowers with fixed monthly payments as long as they live in the home.