Considering a Reverse Mortgage?
A reverse mortgage is a type of loan where a homeowner can borrow money against the equity in his/her home without monthly mortgage payments.
A few things to consider:
Do both borrowers need to be 62? No. Only one borrower needs to be 62, but loan proceeds are based on the younger homeowner’s age.
Do you own your home outright? If you don’t, there is still a chance you may qualify. You can pay off the existing mortgage with a reverse mortgage, money from your savings, or assistance from a family member or friend.
What about my property taxes and insurance? It is your responsibility to ensure that your property taxes are paid in a timely manner. Though, there are programs such as “Tax Set Aside” that can be looked into. You may work closely with your servicer so as to determine how much your property taxes are each year and for how many years you want your servicer to pay your taxes on your behalf.
If a spouse dies during a reverse mortgage what will happen? When couples are listed as co-borrowers on their reverse mortgage, one spouse can continue to live in the home even if the other spouse dies or has to move to a nursing home. People who live in the house and are not co-borrowers will probably have to move when the borrower dies or moves out.
Can I get a reverse mortgage on my vacation rental? Vacation homes, secondary residences, and rental properties do not qualify for a reverse mortgage.
Call us today to see how we can help you with your reverse mortgage! 760-476-1041