Monthly Archives: August 2021

HOW WILL YOUR REVERSE MORTGAGE LOAN BE REPAID? A reverse mortgage is a non-recourse loan, which means that the borrower or the borrower’s estate will never have to pay the lender more than the loan amount or the current market value of the home, whichever is less. When a reverse mortgage loan is due, theContinue reading “QUESTIONS TO ASK BEFORE MOVING FORWARD – PART 5”

IF YOU ARE MARRIED, WILL YOUR SPOUSE BE A CO-BORROWER ON YOUR LOAN? Borrowers must be at least 62 years old, named on the home’s title, and use the home as their primary residence to qualify for a HECM reverse mortgage. Spouses who do not match these criteria will be designated as either an eligibleContinue reading “QUESTIONS TO ASK BEFORE MOVING FORWARD – PART 4”

DO YOU FULLY UNDERSTAND YOUR OBLIGATIONS AS A BORROWER UNDER A REVERSE MORTGAGE LOAN? Borrowers with reverse mortgages are not required to make monthly loan payments to their lender, but they must continue to meet certain criteria in order to remain current on the loan. The loan may become due and payable if these responsibilitiesContinue reading “QUESTIONS TO ASK BEFORE MOVING FORWARD – PART 3”

HOW DO YOU INTEND TO USE YOUR REVERSE MORTGAGE LOAN PROCEEDS? One of the benefits of a reverse mortgage loan is that borrowers are generally allowed to spend their cash proceeds any way they see fit. Reverse mortgages are obtained by eligible homeowners for a variety of reasons, including: • Repairing or modifying the homeContinue reading “QUESTIONS TO ASK BEFORE MOVING FORWARD – PART 2”

Questions to ask before moving forward with a reverse mortgage. A reverse mortgage is a loan that allows homeowners 62 or older to use a portion of their home’s equity to obtain cash proceeds. There are various ways to use the cash proceeds. Repaying the loan doesn’t happen until a “maturity event”. These events includeContinue reading “QUESTIONS TO ASK BEFORE MOVING FORWARD”