Reverse Mortgage

Reverse Mortgage

An Alternative to a Monthly Mortgage

A Reverse Mortgage is exactly what the name implies. Instead of you paying monthly on a mortgage for your home, you have no payment except for property taxes and insurance. Monthly interest you owe grows on top each month and you do not have to pay it back until you die, sell your home, or move out of the home.

Is a Reverse Mortgage for Me?

A Reverse Mortgage is not for everyone. They are good for those who really need the funds especially if the primary earner has passed away. However, Reverse Mortgages have several requirements that are extremely important to consider and research before applying.

First, in order to qualify for a Reverse Mortgage, you must be 62 or older. Reverse Mortgages also have fees associated with them. Since the mortgage grows with interest every month proportional to what you borrowed, you may owe more than what it is valued at when it comes time to sell your home. The real estate market has been great in most of the United States, but that can change quickly.

Reverse Mortgage Professionals

The Home Equity Conversion Mortgages (HECM) are federally insured and backed by the U.S. Department of Housing and Urban Development (HUD). Before applying, you must meet with a counselor from an independent government-approved housing counseling agency. The counselor is required to explain the loan costs and financial implications.

Always be cautious. If it sounds too good to be true, it just may not be for you. You can call a mortgage lender that specializes in a Reverse Mortgages or give us a call! At 55+ Real Estate Services we can assist you with some recommendations and connect you with Reverse Mortgage Professionals!

More Services We Offer

We work directly our clients to put together a customized package that streamlines and facilitates the move, minimizing stress for everyone!

55+ Real Estate Services

Benefits of An SRES

Explore the benefits of working with our certified Seniors Real Estate Specialists here!

BENEFITS OF AN SRES AGENT

Ready to Get Started?

We are making a difference and improving how 55 and older residents experience their move. Contact one of our Seniors Real Estate Specialists today!

CONTACT US TODAY

An Alternative to a Monthly Mortgage

A Reverse Mortgage is exactly what the name implies. Instead of you paying monthly on a mortgage for your home, you have no payment except for property taxes and insurance. Monthly interest you owe grows on top each month and you do not have to pay it back until you die, sell your home, or move out of the home.

Is a Reverse Mortgage for Me?

A Reverse Mortgage is not for everyone. They are good for those who really need the funds especially if the primary earner has passed away. However, Reverse Mortgages have several requirements that are extremely important to consider and research before applying.

First, in order to qualify for a Reverse Mortgage, you must be 62 or older. Reverse Mortgages also have fees associated with them. Since the mortgage grows with interest every month proportional to what you borrowed, you may owe more than what it is valued at when it comes time to sell your home. The real estate market has been great in most of the United States, but that can change quickly.

Reverse Mortgage Professionals

The Home Equity Conversion Mortgages (HECM) are federally insured and backed by the U.S. Department of Housing and Urban Development (HUD). Before applying, you must meet with a counselor from an independent government-approved housing counseling agency. The counselor is required to explain the loan costs and financial implications.

Always be cautious. If it sounds too good to be true, it just may not be for you. You can call a mortgage lender that specializes in a Reverse Mortgages or give us a call! At 55+ Real Estate Services we can assist you with some recommendations and connect you with Reverse Mortgage Professionals!

More Services We Offer

We work directly our clients to put together a customized package that streamlines and facilitates the move, minimizing stress for everyone!

55+ Real Estate Services

Benefits of An SRES

Explore the benefits of working with our certified Seniors Real Estate Specialists here!

BENEFITS OF AN SRES AGENT

Ready to Get Started?

We are making a difference and improving how 55 and older residents experience their move. Contact one of our Seniors Real Estate Specialists today!

CONTACT US TODAY

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