The Reverse Mortgage is a great loan for Seniors who have lots of Equity in their home's and wish to withdraw some cash in a number of different ways
A Reverse Mortgage is a loan that allows seniors to erase debts or even give themselves a monthly income
A Reverse Mortgage is a loan designed for seniors ages 62 and over. If we have a husband and wife team and only one spouse is over 62 we can still look at the loan but we should expect the proceeds to be lower.
Most loans that we do as mortgage brokers are called “forward” mortgages where the longer the borrower has that loan , the lower the payoff they will have.
With a Reverse Mortgage, the borrower is using the equity in their home to pay the mortgage so the longer the borrower receives the monthly installments and/or lump sums, the higher the payoff will be.
Contrary to incorrect rumor, the borrower (s) do not lose title to their home when they sign for a reverse mortgage. This is like any other loan when the borrowers move or pass away. The home is sold and the difference between the payoff and the proceeds from sale is your money to use as you see fit.