WHAT IS A REVERSE MORTGAGE?
Monday, June 11, 2012 -
Article by:
Seth A. Jacobs - Leader One Home Loans -
WHAT IS A REVERSE MORTGAGE?
Essentially a home loan with four distinct advantages:
1. There is no income or credit score qualification.
2. It offers a very attractive interest rate.
3. It gives the flexibility of making or not making monthly payments.
4. Receive a one time "lump sum payment" or line of credit.
1. There is no income or credit score qualification.
2. It offers a very attractive interest rate.
3. It gives the flexibility of making or not making monthly payments.
4. Receive a one time "lump sum payment" or line of credit.
A reverse mortgage does not affect Social Security or Medicare/Medicaid benefits, the proceeds or monthly income is tax-free and can be used for any purpose, and most importantly, the title remains in your name.
HOW DOES THE PROCESS WORK?
As a federally regulated, sponsored and insured loan, the government requires several steps. The first step is to meet with a licensed reverse mortgage loan specialist to discuss your situation and qualifications. The second is to speak with a HUD qualified counselor to educate and ensure your understanding of the loan. The third step is completing an application along with a home appraisal, and if qualified the loan may close in approximately 30 days.
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