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Once qualified for a reverse mortgage a homeowner can receive it all at once, through monthly increments, or through a line of credit. Depending on the lender and the expected needs of the borrower, any of the above could possibly be the best fit
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Once the borrowing period has ended, which does not occur during the life of the homeowner unless he or she decides to sell, the home does not necessarily have to be sold. The homeowners heirs can take out a regular mortgage in order to keep the home. Also, if the house is sold and the selling price does not cover the amount of the loan, the loss is covered by insurance, and not through the borrowers estate.
Though generally most applicants for a reverse mortgage own their homes free and clear, a homeowner can qualify even if they still owe if the first cash advance can pay off this debt. There is no maximum age or penalty against older borrowers; in fact, generally the older the borrower, the larger the amount received.
A reverse mortgage is unlike most other loans in that it does not require that an applicant meet certain credit and income criteria or start immediate monthly repayment schedules. Instead, a homeowner qualifies on the bases of the value of the home, as long as he or she is 62 years of age or older. If you are interested in a loan with no monthly payments, fill out our short form today.
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