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A reverse mortgage isn’t for everyone but it can be the solution for senior citizens who are rich with property but pocket money poor. If you qualify for a reverse mortgage you will be given a line of credit dependant on the value of your property. You can use this money to take a cruise or buy a new car and you never have to pay it back. When you die your debt will be paid off by selling your property.
To qualify for a reverse mortgage you must be a home owner. You must be at least sixty-two years of age and the home you are borrowing against must be your primary residence. For the life of reverse mortgages you retain the responsibility of home owners insurance, property taxes and general maintenance.
You will want to consider many things before making a large financial decision such as this. One of them is your age. Obtaining a reverse mortgage in your sixties is usually not a smart financial move. However, later in life reverse mortgages become an increasingly viable option for seniors.
The first part of the process is very similar to selling your house. Reverse mortgage banks require a full home inspection and official home appraisal. This process is the same whether you are using reverse mortgage banks or the federally insured HECM (Home Equity Conversion Mortgage) program. HECM provides almost all the reverse mortgages in the United States, but there are still private reverse mortgage banks you can opt for.