Considering a Reverse Mortgage?
- A Reverse Mortgage is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, unexpected medical expenses, & home improvements.
A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage.
To be eligible for a Reverse Mortgage, many lenders requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home.
You have five reverse mortgage payment options:
- Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
- Term – equal monthly payments for a fixed period of months selected.
- Line of Credit – unscheduled payments or installments, at times and in amounts of your choosing until the line of credit is exhausted.
- Modified Tenure – combination of line of credit with monthly payments for as long as you remain in the home.
- Modified Term – combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.
If you meet these think you requirements or have additional questions, Foreclosure Jax can help guide you through the process. Call 904.624.1001