The government insured Reverse Mortgage can now be used to purchase real estate, the limit is $625,500! This is the loan that pays you a monthly payment for your house. Ideal for seniors looking for added income from their home that has already been paid off.
Here are the key points of the loan:
• Must be 62 years of age.
• Can be paid monthly like a regular mortgage. Rate is currently below 3.5%.
• Owner Occupied properties only.
• Employment is not needed.
• No income to qualify.
• Good credit and credit score is not required.
• No monthly mortgage payment.
• Manufactured homes newer than 1976 qualify.
• The Reverse Mortgage is never due unless the homeowner moves out permanently, sells the home or passes away.
• A Reverse Mortgage can not go into foreclosure as long as the senior lives in the home. Considered non-recourse loan.
Our experts know every aspect of this loan. If you are interested in learning more or applying for a reverse mortgage please fill out our form or call us at 801-358-0970.
