Opting for reverse mortgage funding is a big decision. Qualified advice is invaluable in deciding whether one is right for you. The same goes for choosing a mortgage lender who knows all aspects of reverse mortgages.
What is a Reverse Mortgage?
A reverse mortgage is a unique loan that allows homeowners age 62 and older to get the value of their home paid to the homeowner in various valuation options or used as credit. One of the unique things about a reverse mortgage is that it doesn’t pay off until the homeowner no longer lives in the home, the last remaining borrower dies, or the loan obligations are met. An example of a reverse mortgage or HECM policy/obligation is to pay property taxes and collateral and keep the property under the FHA policy (if the opposite mortgage is an FHA HECM loan).
A mortgage lender must adhere to strict ethical behaviour. They should inform you of all loan terms clearly, taking into account your needs and goals. They shouldn’t pressure you or take you to any other type of loan, such as a loan. Such as an annuity that may not be in your best interests. If you feel like you are under pressure, don’t hesitate to look around. It is your decision; only you can decide what is right for you.
We understand that a reverse mortgage may not be right for you. We encourage you to explore your options. For example, if you want to renovate your bathroom, there is another type of one-way loan. However, if a reverse mortgage could suit your needs, we invite you to contact us. A qualified mortgage lender will guide you step by step and answer all of your questions.
We hope we can help you in any way we can while we weigh your options. Making an important decision about one of your biggest investments, the place that matters most to you, can be right. To determine whether reverse mortgage funding is right for you, you often need expert training and advice. We hope the following information helps determine whether a reverse mortgage is right for you.