How Does A Reverse Mortgage Work?
Loan proceeds available to the borrower are based on three factors:
- Age of homeowner(s)
- Value of home
- Current Interest rates
The loan is repaid only when the home is permanently vacated, and repayment never exceeds value of home.
Amount repaid is principal, accrued interest, and service fees.
Interest may be tax-deductible* upon loan repayment!
Heirs maintain the right to all appreciated equity in excess of the loan balance!
Mandatory counseling and interest rate caps will always protect the borrower.
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|Equal Housing Lender. Some products may not be available in all states. Restrictions apply. All rights reserved. Pre-qualification is neither pre-approval nor a commitment to lend; you must submit additional information for review and approval. Approval may be subject to rate increases, satisfactory title and appraisal review, and no change in financial condition. *Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.
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