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Seniors over the age of 62 are more eligible for a reverse-mortgage than homeowners older than them. This is because they have more time to build their credit.
Reverse mortgage credit allows you to take out money at any rate that suits your needs. It is similar to a reverse mortgage line of credit, but there are key differences. The available funds are increased over time and no monthly mortgage payments are necessary. You will still be responsible for your homeowners insurance, property tax, and home maintenance expenses.
The reverse mortgage credit line of credit is a great option for seniors who are younger because it allows you to allow your available funds to grow. Your line’s available amount increases by the “growth rate,”The difference between your mortgage insurance premium and your interest rate is your mortgage insurance premium. The increase in interest rates is yearly and continues to compound over time. If you wait long enough, the amount available could exceed the home’s value.
The line of credit does not require you to draw funds immediately. You can also draw at any time as the amount increases. You can draw from the credit line at any time if you have an emergency such as for home repairs or medical bills.
Another benefit: Another benefit? The housing market’s values will not affect the growth. The line will increase even if your home is worth less.
The reverse mortgage is a nonrecourse loan so you won’t owe more on your home.
It is important to make an informed decision. One Reverse Mortgage has licensed specialists who can give you more information, discuss your specific financial goals, help you decide if reverse mortgage is right. To get started, call (888-980-4839 or visit. www.onereversemortgage.com/nsGet a free information packet.
Equal Housing Lender. All 50 states licensed. One Reverse Mortgage NMLS#2052
These materials are not HUD/FHA approved and have not been approved by HUD/a government agency.
