A: To qualify for a reverse mortgage, you must be at least 62 years old.
A: The following types of homes qualify for a reverse mortgage: single family homes, condominiums, & town homes.
A: Yes, you may still qualify. However, it is important to note the reverse mortgage provider will require that they are in a first lien position on the home. In short, this means that any other mortgage must be paid off with the proceeds from the reverse mortgage or any other source of funds obtainable.
A: Like all mortgages, reverse mortgages have upfront fees. If a homeowner plans on leaving their home within 3 years, a reverse mortgage may not be a good decision.
A: Most lenders conduct a financial analysis of the homeowner. This is to ensure you have the funds to pay property taxes, homeowners insurance, etc. If the lender finds you may have difficulties paying those bills; they will allow you to set aside a portion of the funds from your reverse mortgage. In short, it does not mean you will be disqualified. This is what we offer a free qualification analysis.
A: No, a reverse mortgage will not impact your social security or medicare benefits.
A: After you complete a reverse mortgage there are various ways you can obtain the proceeds. Some homeowners opt to receive a large lump sum of cash while others feel more comfortable with a monthly installments. You can even request a combination of both a lump sum and installments.
A: The Federal Truth In Lending Act provides you with the option to cancel your loan. Within 72 hours of your loan closing, you can exercise your right of recession. The right of recession document is included in all reverse mortgage closings. The right of recession document must be signed and dated on closing to acknowledge you received & read it.