There are a lot of myths surrounding reverse mortgages. They certainly are not the best option for all homeowners, but many would benefit greatly from a reverse mortgage. A reverse mortgage is a great financial tool with minimum underwriting requirements to gain access to the equity in a home.
Here are some of the facts about a reverse mortgage:
- Total fees to close a reverse mortgage are less now than they were in prior years
- The required age to qualify for a reverse mortgage is 62 or over
- Interest only accrues on the outstanding loan balance and any additional monies drawn from the line of credit( if available). Interest does not accrue on any amounts not drawn from the line of credit. Also, interest only payments can be made as well as principal and interest payments, but not required.
- Borrowers remain on the deed to the home. When the home is sold, any remaining equity passes to the borrower or heirs.
Over the last several years I have become a reverse mortgage expert to guide and consult homeowners accordingly. I provide straight forward and easy to understand information to educate on a reverse mortgage.
Please contact me if you have any questions about a reverse mortgage or mortgages in general. I am licensed in NJ, NY, CT, PA and FL and would be happy to assist you or anyone you know.