Qualifying Basics of a Reverse Mortgage Loan
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FAQ About Using a Reverse Mortgage Loan
No, absolutely not. The heirs of the home have up to 1 year to pay off the loan by either selling or refinancing the mortgage.
This is a common myth that simply is not true.
Using a Reverse mortgage option is a great option for empty nesters that are downsizing after paying off your current home home.
A large down payment is required depending on your age. Invest a large chunk of the equity from your sale into your new home, then have no payments for as long as you live in the home.
Put the remainder of your equity to work for you in your favorite investment vehicle and enjoy your retirement!
Reverse mortgage loans have several options that allow multiple ways to structure your home equity conversion mortgage.
Loan terms range from fixed rate to adjustable rate mortgages.
Popular equity access options include:
- Receiving a lump sum of money from the home with no payments required
- Receive a Home Equity Line of Credit with a maximum annual draw amount
- Receive monthly payments for as long as you live in the home (rest of life)
You may refinance out of a reverse mortgage at any time in the future if you wish.