Reverse Mortgage Language Translation

Reverse Mortgage

What is a Reverse Mortgage?

A Reverse Mortgage is a home loan that provides the homeowner 62 or older the use of their home equity for tax-free income or to eliminate current mortgage payments. The homeowner makes no mortgage payments as long as they live in their home and retains ownership of their home. There are no income, employment or credit score requirements to apply for a Reverse Mortgage.

Who can Apply for a Reverse Mortgage?

To apply for a reverse mortgage, you must be 62 years of age or older and own your home. Children of seniors may request more information to help their parents apply for a reverse mortgage.

First Name:
Last Name:

Date of Birth:

Email Address:

Telephone:

Address:

City:

State:

Zip Code:

Please enter the Code displayed below:

Home Value: $

Existing Mortgage: $

Comments or Questions:

This service is FREE and you are under no obligation. The information collected will enable a reverse mortgage agent to give you an exact number of how much money you can receive.

The Process

1. Contact

Fill out the form with your information and a Reverse Mortgage specialist will contact you and answer any questions you might have.

2. Quote

If you decide to move forward with the loan you will receive documents that consist of a good faith estimate which the lender discloses to you the homeowner the estimated total cost of the loan and the money you will receive.

3. Application & Counseling

Once you complete the application, you need to decide which payment option best fits your needs such as a line of credit, or lump sum or a combination of the two. You will also need to provide the lender copy of a deed to the home, and information on any existing mortgage, and also Social Security number and photo ID. The homeowner must receive a counseling certificate, which is provided by an approved HUD counseling agency, the counselor provides the homeowner with information regarding the Reverse Mortgage and help you determine if the loan is right for you.

4. Appraisal & Processing

There must be an appraisal on the home which determines the value of the home. You will be contacted by a processor who will help with the acquisition of information and paper work to help with the loan

5. Closing & Disbursement of Funds

You have three business days after signing papers to cancel the loan. Upon expiration of this period, the funds are disbursed, all leans are paid off, and new lean is placed on the property. You can use the funds for any purpose you desire.

Summary

A Reverse Mortgage is a special type of loan used by homeowners 62 and older to convert the equity in their homes into cash. The money from a reverse mortgage can provide you with the financial security you need to fully enjoy your retirement years. Instead of making monthly payments to a lender, as with a regular mortgage, the bank makes payments directly to you or in the way of a lump sum. The money from a Reverse Mortgage can be used for anything, pay off an existing mortgage, supplement daily living expenses, home repairs medical bills and prescription drugs, pay-off debts, travel, long-term health care; prevention of foreclosure, and any other needs.

To qualify for a Reverse Mortgage you must be at least 62 and own your own home. There are no income, asset or credit requirements to qualify. You may be eligible for a Reverse Mortgage even if you still owe money on a first or second mortgage. In fact, many seniors get a Reverse Mortgage to pay off an existing mortgage. As long you live in your home, you continue to hold title and never give up ownership. A Reverse Mortgage is a great way to secure your financial future and enjoy your retirement. Apply for a Reverse Mortgage Today!