Getting a mortgage is one way to finance a home. However, when you have built up equity in that home, you can opt to have that home pay for your lifestyle instead. This can happen in the form of a reverse mortgage.
Just as it sounds, the reverse mortgage is a complete reverse of the way a traditional mortgage works. Instead of paying down a loan each month, the homeowner takes out a loan based on the equity they have in their house and receives a monthly payment. This loan does not have to be repaid while you live in the home. Until the home is vacated or is sold to someone else, you don't have to make any payments towards it.
For older Americans, the cost of living often goes up sharply. This can be due to paying for higher education for children and grandchildren, the wish to take more vacations, outfitting the home for household members with disabilities and/or paying for medical bills. After you have been paying for a home for many years and have built up a high level of equity, you may be able to get some of that money to pay for those expenses. There are no legal restrictions on how this money can be used.
Getting a reverse mortgage can greatly change your lifestyle if you have a lower income due to retirement or other factors. This is particularly true if your income has become fixed and is out of your control. No matter what you want and need to spend the money on, you can find out more about eligibility with our no-obligation consultation.
Getting a reverse mortgage is much like getting a traditional type. Eligibility largely depends on your financial situation. Your income, assets, credit rating and debt are taken into consideration. In addition, your equity is considered. You also have to be up-to-date with your insurance and property taxes as well as your homeowners' association dues if you have them. Federal regulations also require that the youngest homeowner must be 62 years of age or older.
In addition, the home must be your primary residence. The current value of the property is also a factor in your eligibility. The financial eligibility guidelines for this loan were created by HUD, and those guidelines must be met in order to get a reverse mortgage. To find out more about the eligibility requirements, including the equity amount you will need, contact us for a no-obligation consultation.
If you believe that you're eligible for a reverse mortgage, the next step is getting your consultation. Because there is no obligation, the consultation is simply to give you an overview of the requirements and to determine whether you are eligible for this loan. It costs you nothing to find out, and it could make all the difference in your lifestyle if you choose one of these low-interest loans. Submit your inquiry today: http://www.keycitylending.com/reverse-mortgage-inquiry
HUD Mortgagee Letter 2014-10, "This material is not from HUD or FHA and has not been approved by HUD or any government agency."
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