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| Carmen G. Gutierrez Reverse Mortgage Advisor |
| 909.921.4206 |
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What is a reverse mortgage?
Who qualifies for a reverse mortgage?
Qualifies:
What are the advantages of getting a reverse mortgage?
What are the costs and Interest Rates charged?
- A reverse mortgage is a loan available to seniors 62 and over. It is
used to release the home equity in the property as one lump sum or
multiple payments. The advantage of this type of loan is that the
borrower doesn't have to repay the loan, instead the payments are
deferred until the homeowner moves out from the house permanently.
Unlike typical mortgages where the loan is amortized in monthly
payments until the obligation with the lender is completely satisfied
(typically in 30 years) in the reverse mortgages, the borrower doesn't
need to make monthly payments and the interest charged is added to
the principal owed.
When the homeowner (borrower) passes away, sell the house or
moves out for one consecutive year, the reverse mortgage can be paid
off by the proceeds of the sale, or refinancing by the heirs of the
homeowner's state. If there is a gain, the owners or heirs, depending
on the case, receive that money. If there is a loss, the insurance makes
up the difference.
Who qualifies for a reverse mortgage?
Qualifies:
- A homeowner who is over 62 years of age or over.
- No minimum income needed
- There are no credit requirements
- Borrower must get HUD approved counseling. (1 hour by phone or in
person) - Only certain types of property qualify. (lower-value mobile homes do
not qualify) - As a requirement the owner must pay off any existing mortgages with
the proceeds from the reverse mortgage loan. - The funds can be used for any purpose.
- Must own and occupy the home as primary residence.
- The loan amount is based on the age of the youngest person in Title.
What are the advantages of getting a reverse mortgage?
- The borrower retains ownership to the home and can Will the property
to their heirs. - The monthly payments made to the borrower are not taxable.
- The borrower does not have to repay the loan.
What are the costs and Interest Rates charged?
They are usually very similar to those of a regular mortgage loan the
only difference you will notice is a special insurance premium that must
be paid. Call your mortgage consultant for more information and find
out if this program is good for you.
| 16 years of experience in Real Estate and Mortgage Loans. |
The sale of your house is guaranteed with our exclusive: "We will sell your house or ERA will buy it" |
| If you are a homeowner and you are over 62 years of age.. Then this article is for you! Learn about reverse mortgages. A loan program that allows you to borrow money from your home equity and you don't have to pay it back! Read on.. |
Call CG today for any of these FREE informative booklets:
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