Tap Into The Equity Of Your Home Using A Reverse Mortgage Loan!
Reverse mortgages are a great way to get extra money for medical bills and daily living expenses. A reverse mortgage loan allows you to borrow against the equity of your home, which means instead of making mortgage payments you will receive money from the loan and be able to stay in your home. If you’re over 62 and are curious about whether a reverse mortgage is right for you, then get in touch with Patriot Home Mortgage in St. George today!
Reverse Mortgage Loan Requirements:
- You must be 62 or older
- Any existing mortgage must be already paid off or paid off using the proceeds of the reverse mortgage.
- Reverse mortgages can only be taken out on the primary residence - not vacation homes or investment properties.
- You are responsible for upkeep on the property.
- You must be able to continue paying property taxes.
- You must maintain insurance
Many homeowners have found that a reverse mortgage is a great way for them to take advantage of the equity they have built up in their homes.
A reverse mortgage loan is different than a traditional mortgage. With a traditional mortgage you make monthly mortgage payments, but with a reverse mortgage loan the lender pays you money through monthly installments or a one-time lump sum payment. The money that you receive is dependent on your age and the value of your home as well as the determined reverse mortgage rates.
One of the great advantages of a reverse mortgage loan is that you are not required to pay the loan back until the home is no longer your primary residence. For more information on when a reverse mortgage loan comes due, talk to our team. Another great feature of a reverse mortgage is you can never owe more than the value of your home. No matter what. However, the borrower(s) is responsible to pay property taxes, insurance, and maintenance after obtaining a reverse mortgage loan.
Although a monthly payment is not required, the borrower will still be responsible for paying taxes and insurance.
If you’re aged 62 or older and own your home, you might be eligible for a reverse mortgage. Contact us to find out more about reverse mortgage rates, benefits, and ways to make it work for you, or apply now and start the process of tapping into the equity in your home.
*These materials are not from HUD or FHA and were not approved by HUD or a government agency.