Reverse Mortgages vary for different situations. Most common is the Home Equity Conversion Mortgage (HECM), which is insured by the federal government. Following recent legislation, there are new increased borrowing limits are available along with the ability to purchase a new home with this program.
Reverse Mortgage loans made throughout the United States are increasing at a dramatic rate. The reason? More and more seniors and their families are educating themselves about the benefits of Reverse Mortgages and realizing that it can be the best solution. You may be asking yourself “Is a Reverse Mortgage right for me?” or “Is a Reverse Mortgage right for my parents or older relatives?” In the Tri-state area, Contour Mortgage is the best source for information on Reverse Mortgages. Read on to help decide.
Reverse mortgage can provide you with cash today — with no requirement to ever pay it back for as long as you live in your home.
The disbursement options on a reverse mortgage loan are flexible. You can access money by:
Payment options can adjust to fit you flexible needs.
When and if the home is left permanently, the balance on your reverse mortgage becomes due. Selling the home itself can pay for this—any remaining equity belongs to you or your heirs.
Pre-Qualifications are an important step in today's real estate market. They show sellers that you are qualified to buy their home and that your offer should be considered above other, less serious offers.