Reverse Mortgage Facts

Get the straight facts about reverse mortgages.

  • A reverse mortgage is a lien against the property. You still retain ownership of your home.1
  • 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.

Disclosures:

  1. Borrowers are responsible for paying property taxes, homeowners insurance, maintenance, and related taxes. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes or insurance payments or does not otherwise comply with the loan terms.
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