More and more senior citizens are discovering the freedom and security a reverse mortgage provides. The key requirements for this type of loan is to be 62 years young, and own your home outright or have no more than 65% of your home’s value tied up in a mortgage.

A reverse mortgage has no requirements for credit or monthly income and the loan does not require repayment until 12 months after the homeowner permanently leaves the residence or dies. Instead of making monthly payments the homeowner receives monthly payments, which is why this is a good option for seniors requiring “home health.”

Benefits

• No income or credit requirements.
• Borrower receives monthly payments.
• Homeowner(s) able to stay in the home and cannot be forced to foreclose or vacate the home due to missed mortgage payment.
• Loan not due until homeowner(s) permanently leaves the home.
• Borrower will never owe more than home’s market value due to the FHA insurance.
• Any equity remaining in the home beyond the balance of the reverse mortgage, goes to the homeowner’s estate free and clear and no other assets can be affected by a reverse mortgage (stocks, cars, second homes etc).
• If the estate decides to sell the home and there is a “loss,” then the lender must be reimbursed by the FHA not the estate.
• Loan amount depends on three factors: age (older borrowers receive better deals), current interest rate (both in US and your state) and the current appraised value of the home.
• There are various ways to receive the funds from a reverse mortgage and the borrower is permitted to “mix and match” to suit their needs: a) one lump payment, b) equal monthly payments until homeowner(s) leave the home permanently a/k/a “tenure,” c) equal monthly payments for a set number of years a/k/a “term,” and d) credit line which gives the homeowner(s) the option of drawing any amount at any time until the line is completely depleted.

Call 1-877-867-0027 today and see if you or your loved one is eligible to begin receiving financial relief.