Today’s reverse mortgage loans are cheaper than ever before, and I am proud to say that reverse mortgage loans are one of our areas of specialty.
The FHA Reverse Mortgage Loan Program is an amazing program for seniors who need to free up cash and lower their monthly expenses. Reverse mortgage loans use the equity of your home to give you access to cash and, unlike a normal mortgage, payments are optional, not required. You will not have to make mortgage payments as long as you or your spouse reside in the home at least 11 months out of the year.
In the 22 years that we have worked in the mortgage industry, we have witnessed dozens of reforms to these programs. Each reform has made reverse mortgage loans more affordable and senior-friendly. For example, most of the originators of reverse mortgage loans today are paid by the lender, not the borrower, which means fewer upfront fees for you. With the right professional you can know what you need to, and in this Chicago lawyer blog you can find specialist that manage your mortgage and every concern you might have.
If you or your spouse are at least 62 years old, you can use this option to access cash and eliminate mortgage payments. This means you would no longer need to make the payment except for your monthly property taxes and insurance. You retain ownership of the home and its equity. If you choose to sell the home later, you and your family retain all rights to its equity less the current balance of the reverse mortgage loan.
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Here are some frequently asked questions (and answers) about reverse mortgage loans
Q1: Can I still make my mortgage payments if I want to?
Q2: Do I have to make my mortgage payments?
A2: No, you are only required to pay the property tax and insurance.
Q3: What happens if I continue to make my payments?
A3: Your mortgage balance continues to go down, just like with your current mortgage.
Q4: What happens if I choose to not make payments?
A4: Your balance goes up and the equity in your home decreases over time.
Q5: Can I buy a house with a reverse mortgage loan?
Q6: Should I do a reverse mortgage loan on my home?
A6: The reasons are different for every individuals. More than anything, we want you and your family to make the best decision, even if that means retaining your current mortgage.
Q7: How can I find out if a reverse mortgage loan is right for me?
A7: We provide free assessments for home owners who are interested in having their questions answered about reverse mortgage loans. We will run custom numbers for your mortgage situation for free and with no obligation to you and/or help you schedule an appointment with a Reverse Mortgage Loan Counselor. Our goal is to assess the best option for you and your family.
Q8: Are the proceeds of the loan subject to taxes?
A7: No, the proceeds from a reverse mortgage loan are tax-free.
This material is not from HUD or FHA and has not been approved by HUD or a government agency.