Reverse Mortgages can be a simple way for homeowners who are at least 62 year of age to access the equity in their homes. Although is can be a simple method to get cash out of the equity in your home, everyone should have proper consultation and understanding before taking out a reverse mortgage. Some of the Qualifications are:
- Must be primary residence and borrower has to be at least 62 years old
- No income, FICO score, health and/or credit requirements
- New loan must be in first position on title
- Third-party consultation by HUD approved Counselor is required
Some of the Features include:
- Homeowner retains title to home; bank cannot foreclose and evict Borrower.
- Loan Proceeds do not affect Medicare or Social Security and should be tax-free
- Loans are non-recourse-borrowers will not owe more than appraised value of the property at the time the loan is due.
Some of the Benefits include:
- Senior homeowners can leverage existing home equity as source of funds
- Repayment not required until the last borrower no longer resides in the home as their primary residence.
- No restrictions on how loan proceeds after repaying existing liens on the home
- Can even be used for the purchase of new residence.
This is just an overview of what a Reverse Mortgage can provide, for additional information contact a reputable, qualified Reverse Mortgage Consultant.
Let us refer you to a trusted, professional Reverse Mortgage Consultant and for Park City Real Estate contact Jim and Billie Harsch with Mountain Town Realty Group at http://www.unlockparkcity.com