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What is a reverse mortgage?
An FHA reverse mortgage (HECM loan), in its simplest definition, is a government-insured loan. It is a financial tool that allows you to access the equity in your home and convert it into cash. Discover more about what is a reverse mortgage.
Read MoreWhat is an advantage reverse mortgage loan?
FHA-insured Home Equity Conversion Mortgages (HECM) have a loan limit of $679,650 (updated January 1, 2018), regardless of the borrower’s home value. Advantage reverse mortgages are loans that allow qualified borrowers to obtain a reverse mortgage on qualifying properties. In 2015, AAG began offering these reverse mortgage loans, in a growing number of states.
Read MoreHow does a reverse mortgage work?
With a reverse mortgage, there are no monthly mortgage payments from you. As one of your most important assets, your home usually holds a certain amount of equity. Because of this equity, when the time comes someday for the loan to be repaid, the value of the home when sold is able to re-pay the […]
Read MoreWill I still own my home with a reverse mortgage?
Yes. With all HECM loans, as long as you pay your taxes and insurance and otherwise comply with the loan terms, you will retain ownership of your home. The bank only takes title of your home if you do not meet these obligations. One of the most common misconceptions about reverse mortgages is this little […]
Read MoreHow much money do I qualify for?
How much money you qualify for will be dependent upon these factors: Your age (you must be 62 or older) Your home’s appraised value (an independent appraiser will visit your home and determine what the current value is) The current reverse mortgage interest rates Your Current mortgage balance
Read MoreIs there any risk of losing my home?
If you fulfill all your obligations, then no. The obligations for a HECM loan are that you continue to pay your property taxes, insurance, and keep basic maintenance and repairs. If you do not uphold these responsibilities, the loan becomes due, which may mean the selling of the home to pay the loan. If you […]
Read MoreWhat are the qualifications for a reverse mortgage?
To qualify for a reverse mortgage, you must be 62 years and older, own your home, and occupy it as your primary residence.
Read MoreHow are my reverse mortgage fees and interest rates calculated?
Fees and reverse mortgage interest rate calculations are tied to fixed or variable rates, as well as a margin, and an index. Your Reverse Mortgage Professional can provide your exact fees and interest rates according to what it would be for your particular situation. Please give us a call today for an individualized consultation based on […]
Read MoreHow would I receive my funds, and how is the loan length determined?
The length of the loan is determined upon what disbursement option you choose. Your Reverse Mortgage funds can be disbursed to you in a few ways. You may receive: Full or partial lump sum Line of credit Monthly Payments (tenure or modified tenure plan) Combination of any of these. The choice is ultimately yours, but […]
Read MoreWhat are my obligations as a borrower?
During your loan period, your obligations are to continue to pay for: Your homeowners insurance Your property taxes Your basic home maintenance
Read More