Since a reverse mortgage is a nonrecourse loan, lenders can’t demand back more than the home is worth. Go through Department of Housing and Urban Development-approved mortgage counseling (for a HECM).Have your own funds set aside for property taxes, homeowners insurance and any homeowners association (HOA) fees.Own your home outright or have a low mortgage balance.Live in the home as your primary residence.Along with being the correct age, you must also: There are specific requirements you must meet to qualify for a reverse mortgage. The money isn’t due back until you move, sell the home or die. With a reverse mortgage, you can receive a one-time cash payout or regularly recurring disbursements. Qualified homeowners age 62 and older can use a reverse mortgage to borrow against their home equity without having to make monthly payments back to the lender. Our pick for reverse mortgage refinancing: Liberty Reverse Mortgage.
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