Need Cash? 62 or Older? Have Home Equity? A Reverse Mortgage May Be Right For You!

By
Real Estate Agent with Keller Williams/Mountain Town Realty Group

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

 

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