Get the straight facts about reverse mortgages.
- A reverse mortgage is a lien against the property. You still retain ownership of your home.
- Reverse mortgage loans are repaid by the sale or refinancing of the home.
- A reverse mortgage is a non-recourse loan, which means that you or your estate will never owe more than the appraised value of the home at the time the loan is due.
- A reverse mortgage can be used to pay off your existing mortgage at close.
- No one can force you from your home. The reverse mortgage is not due until your home is no longer your primary residence.
- Qualifying for a reverse mortgage is based on the homeowner’s age and the appraised value of the home, NOT on credit, employment or income.
- Reverse mortgages can be used to purchase a new primary residence. It’s called the “Reverse Mortgage for Purchase” program.
These are general reverse mortgage facts. To understand how a reverse mortgage can benefit you personally, request a quote from David Chee or contact him for further information.Request a Free, Customized Quote