ASK MORTGAGE DONE RIGHT, TEAM OF EXPERTS ABOUT OUR REVERSE MORTGAGE PROGRAM!
Welcome to Mortgage Done Right! Discover the power of Reverse Mortgage Loans.
A significant number of homeowners have discovered the remarkable benefit of reverse mortgage loans, an innovative way to capitalize on the equity they’ve accumulated in their homes.
Reverse mortgage loans are a unique departure from conventional mortgages. Instead of making regular payments towards your mortgage, a reverse mortgage loan turns the tables, with your lender paying you instead. This could be through monthly disbursements, a one-time bulk payment, a credit line, or a blend of a credit line and monthly payments. The amount you get depends on factors like your age, your home’s value, and the prevailing interest rate.
One of the standout features of a reverse mortgage loan is its flexibility – there’s no requirement to repay the loan unless your home is no longer your main residence, or you don’t uphold the home’s maintenance, fail to pay property taxes or homeowner’s insurance or breach the loan’s terms in any other way.
If you’re 62 years or above and own your home, you could be a perfect candidate for a reverse mortgage loan. Get in touch with us for more details about reverse mortgage loans and strategies to leverage them to your advantage, or apply right away to kickstart the process of unlocking the equity in your home.
For more insights into reverse mortgage loans, please contact us at Mortgage Done Right 561-556-9610
3 Reverse Mortgage Loan Questions to Consider
What is a Reverse Mortgage Loan?
A reverse mortgage loan is a loan designed to allow seniors to draw upon the equity in their homes. Seniors can select to receive the loan proceeds either by a lump sum payment, by monthly installments, as a line of credit or as a combination of a line of credit and monthly installments thus providing cash flow even after retirement. The reason this type of loan is called a “reverse mortgage loan” is because the loan proceeds are paid to the home owner.
Eventually the money paid to the homeowner is repaid with interest, however the loan generally does not become due until the borrower passes away, sells the home, no longer maintains the home as the primary residence or fails to pay property taxes, fails to pay homeowners insurance or otherwise fails to comply with the loan terms.
Why should I get a Reverse Mortgage Loan?
Getting a reverse mortgage loan is a big step and needs to be carefully evaluated. Many people have found that by taking a reverse mortgage loan they avail themselves of the equity they have built in their home.
Typically those who benefit most from a reverse mortgage loan are those who plan to stay in their homes over an extended period and have built a decent amount of equity in their homes.
Contact one of our professionals today to find out if you have enough home equity to make a reverse mortgage loan a good decision for you. If you have a good amount of equity in your home and you plan on staying there for an extended period of time then a reverse mortgage loan might be right for you.
How do I qualify for a Reverse Mortgage Loan?
If you own your home and are 62 years of age or older you might be eligible to apply for a reverse mortgage loan. The home you are thinking of taking the reverse mortgage loan out on must be your primary residence. There are some conditions to what type of home may qualify.
- Typically single-family units are accepted
- HUD-Approved Condominiums
- Most mobile homes and co-ops are generally not eligible
We can help you figure out if you’re eligible for a reverse mortgage loan. Call us today!
Steps to getting a Reverse Mortgage Loan
Below is the most common process for getting a reverse mortgage loan. Our professionals are eager to help you understand the reverse mortgage loan process. Please contact us with any questions.
Step 1 – Research Reverse Mortgage Loans
Speak with a mortgage professional about reverse mortgage loan options. Familiarize yourself with the various types of reverse mortgage loans and pick the one that is right for you.
Step 2 – Meet with a HUD approved counselor
In order to receive a reverse mortgage loan you must meet with an HUD approved councilor who will help you understand what it means to have a reverse mortgage loan. Independent HUD counseling typically costs $125 an we would be happy to provide you with a list of HUD approved counselors in your area.
Step 3 – Fill out our Reverse Mortgage Loan application
After you’ve determined which reverse mortgage loan option best suits you fill out our reverse mortgage loan application by clicking here. Your information is securely stored and transmitted.
Step 4 – Your application is processed and your home is appraised
While your application is being processed a licensed appraiser will determine if your house needs any kind of repair. Any problems must be fixed before you can be approved.
Step 5 – Your loan reaches underwriting
All details are worked out and your loan is underwritten. Additionally it will be determined whether you’ve been approved or not.
Step 6 – Your loan reaches closing
Once you are approved your loan will enter closing where you’ll get the chance to review the terms and sign the paperwork.
Step 7 – Receive your payments
After closing you’ll have three business days in which to cancel the loan. Once that grace period is up, you’ll start to receive the reverse mortgage loan proceeds according to the manner that you have elected: one-time lump sum payment, monthly installments, as a line of credit or as a combination of a line of credit and monthly installments.
Step 8 – Repaying your Reverse Mortgage Loan
Your reverse mortgage loan becomes due under the following circumstances.
Homeowner death (unless the home continues to be the primary residence for a non-borrowing spouse)
Sale of home
The home is no longer the borrower or non-borrowing spouse’s primary residence.
Failure to maintain insurance, property taxes or otherwise comply with loan terms.
Any other event of default. (Failure to pay property taxes, Failure to keep the home in good repair, Failure to insure the home, Taking of new debt on the home, Bankruptcy, Abandonment or donation of the home, Eminent domain)