These 10 reverse mortgage facts can help you feel more confident when. The amount of money available to the borrower is determined by the.
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The truth is that when you get a reverse mortgage you still own your home, and it will remain your home until you decide to leave it. A Reverse Mortgage Is Paid Off When You Leave Your New Jersey Home. The last thing you need to know about reverse mortgages is that the balance is due when you leave your home.
Zip Code. Name. email. phone. has 40 years of experience in the mortgage banking industry and has devoted the past 14 years to reverse mortgages exclusively. michael G. Branson was part of the team that introduced the first fixed-rate jumbo reverse mortgage to market, which was sold to a private investor in 2007. Mike can be reached at
A reverse mortgage is a loan for seniors age 62 and older. After obtaining a reverse mortgage, borrowers must continue to pay property taxes and insurance and maintain the home according to FHA guidelines. Typically the loan does not become due as long as you live in the home as your primary residence and continue to meet all the loan obligations.
Reverse Helpline is not acting as a lender or broker. The information provided by you to Reverse Helpline is not an application for a reverse mortgage loan, nor is it used to pre-qualify you with any lender. Use our reverse mortgage calculator to estimate the funds you may qualify for through a reverse mortgage.
With an adjustable rate loan, you have a multitude of options of how to get the reverse mortgage proceeds. The interest rate for this type of loan changes. For instance, if you have a line of credit, the interest rate on the amount of money you take out one month may differ from the interest rate on money you take out another month.
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Who’s Eligible for a Reverse Mortgage. Generally, in order to get a reverse mortgage a borrower must: be at least 62 years of age. occupy the property as his or her principal residence, and. have substantial equity in the property (or own the home outright).