Reverse Mortgage Loan
A Reverse Mortgage is similar to other types of mortgages, however there is one main difference. Instead of you paying the lender, the lender pays you. Part of the equity in your home is converted into payments directly to you. There are a few options for accessing the equity in your home: You can opt for one large sum, or receive monthly payments. The best part? The money is tax-free. These additional funds can be used to pay off bills, help with medical expenses and allow you to live the retirement you deserve.
Reverse Mortgages can be very complicated and there are several options available. There is also a high risk of fraud in this area, so make sure to check the legitimacy and responsibility of the companies you are considering.
Remember: You still own your home and you can stay as long as you want, or you can sell the home to anyone and receive any remaining equity after the loan is paid off.
Reverse Mortgage Loan Highlights:
- Supplements your retirement income.
- Provides funds that can reduce your monthly obligations.
- Pays for medical or costs associated with long-term care.
- Establishes a "stand-by" line of credit that you can use as needed. Unlike a traditional home equity line of credit (HELOC), a reverse mortgage line of credit cannot be reduced or revoked, as long as the terms of the loan are met and the unused line of credit grows over time.
- You keep the title to your home and are responsible for property taxes, insurance, utilities, maintenance, etc.
- Generally speaking, you will not need to pay any of the money back as long as you live in your home.
Reverse Mortgage Requirements:
- Must be a homeowner, 62 years old or older.
- You must live in your home as your primary residence for the life of the reverse mortgage.
- You must meet with a HUD approved reverse mortgage counselor before applying for a reverse mortgage loan.
- Generally speaking, you will not need to pay any of the money back as long as you live in your home.
- Your home must be a single family home or a 4-unit maximum multiple family home (duplex, small apartment building) with one unit occupied by you.
First Integrity has loan officers who specialize in Reverse Mortgages to ensure the service and guidance clearly outlines the costs and financial implications of your decision. Call us today at 314-878-7900 and schedule a time to meet with a Reverse Mortgage specialist who will work with you every step of the way.
Have any Questions?
First Integrity Mortgage Services is located in St. Louis, Missouri. We are a premier provider of Mortgages and Home Loans in Missouri, Illinois, Kansas, California, and Arkansas, Georgia and Tennessee. We work on behalf of our customers to help them qualify for the home loan they deserve!
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