Don’t Evaluate a Reverse Mortgage Until you understand how they work!
1. Most people are wary about new programs especially in the field of finance. A reverse
mortgage is one of the best program ever invented for this industry. It is a program that can
help seniors with their retirement after a life of work.
The major program has the following rules that will help your living during your senior years.
The requirements are as follows:
1. You must be 62 years old, or at least one of the owners of the property is that age to
qualify.
2. You must own a house or condo or apartment that has enough to equity to qualify.
You must have enough reserves to pay your property tax and fire insurance each year.
3. Your working status can be working or retired.
4. You will receive a new mortgage that you can get rid of by selling the property or
have the heirs get the property when you pass on.
5 While you are living there with a mortgage their will be no payments until you leave.
. 6 When you leave the lender gets what he is owed by the sale of the property even if
there isn’t enough money our of the sale to to pay it back. There are no deficiency
judgement.
7. As you get older and your equity increases you can refinance to get more money out
of your place. You can sell the property whenever you can and payoff the lender.
When entering into a reverse mortgage you must be a owner resident of said property,
and be a continuous resident until you get rid of the reverse mortgage.

 

 

 

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