Your home represents many things, safety, independence, and memories to name just a few. Now, with a reverse mortgage, it can also be a source of income. A reverse mortgage can meet financial needs and ensure that you can stay in your home for as long as you choose.
A reverse mortgage converts a part of the equity in your home into spendable money.
The borrower is NEVER required to make a monthly payment. It is a loan in "reverse". Instead of making payments, you can receive them.
No, absolutely not.
No. The money is considered proceeds of a loan and not taxable.
It depends on your age(s) and the value of your home as well as the interest rate at the time of closing. The older you are the more money you get.
At Universal Lending you will not have to pay these fees out of pocket; they are included in your loan.
You and/or your spouse must live in the home, keep the property in good condition and make sure your taxes and insurance are paid on a yearly basis.
No, even if yo have an existing loan, reverse mortgage proceeds can be used to pay the loan in full and you would never have another house payment.
The loan is due when you and your spouse no longer live in the home as your primary residence.
Yes. It is an FHA-Insured loan administered by the federal government.
Because of recent program changes, some reverse mortgages are less expensive than in years past.
Yes-You DO NOT give up title to your property and you can sell and move at any time.
Yes, only one borrower has to be 62 or older.
Ask if they process and underwrite their loans in state; you want your paperwork done locally. Make sure your lender has years of experience and ask how long they have been providing reverse mortgages. Ask if their loan officer will meet you face to face to explain the paperwork.
A meeting with a HUD approved housing agency is required. They will sit down with you(and your family if you like), to explain this program so you can make an informed decision.
Yes, the program is called Reverse for Purchase. It's a great option for customers who want to downsize, move closer to their kids or buy a home with no outside maintenance and have no house payments.