There are many different reverse mortgage articles talking the 10 things to know about a reverse mortgage or the five important things to know about a reverse mortgage. There are a few things you should know about a reverse mortgage before you start the process. Here are the essential things everyone should know about a reverse mortgage.
Different loan options – With the reverse mortgage program you have three different loan options:
Reverse mortgage fixed
Reverse mortgage line of credit
Reverse mortgage for purchase
The reverse mortgage fixed rate option is designed for people requiring a greater amount of money available to them to pay for mandatory obligations like their current mortgage balance, property liens, repair requirements and reverse mortgage loan closing costs. You will receive your money in one lump sum at closing and the low fixed rate remains the same through the life of the loan.
The reverse mortgage line of credit is available to everyone that qualifies. This option is great for someone who is looking to easily access money at any time.
The reverse mortgage for purchase allows you to finance the purchase of a home using a reverse mortgage. There are no monthly mortgage payments*. This option gives seniors the chance to find a home that meets their needs or move closer to family.
Different ways to access your money – With the reverse mortgage you will options to receive your proceeds. Those options are:
Line of credit
Smaller amounts monthly
Any combination of these
You can choose to receive your money in these options, which ever will work best for you.
Simple responsibilities of the program – If you choose to receive a reverse mortgage there are just a few responsibilities you will have with the loan. These responsibilities are no different than with a traditional mortgage on your home. These responsibilities include remaining current on taxes and property insurance. You are also required to maintain the home which means if any necessary repairs come up on the home they need to be made.
Not all lenders are the same – While there are many reverse mortgage lenders, all offering the same product they all are not on the same level of customer service. When choosing a reverse mortgage lender you want to make sure you are working with a business that is qualified and the best in the business.
One Reverse Mortgage is approved by the Federal Housing Administration (FHA) and by the U.S. Department of Housing and Urban Development (HUD). One Reverse Mortgage is also a member of the National Reverse Mortgage Lenders Association (NRMLA). With over 150 licensed mortgage experts trained and experienced working with senior Americans, One Reverse Mortgage is the best reverse mortgage company in the business. With an A+ rating with the Better Business Bureau it is easy to see that many people who have worked with One Reverse Mortgage have been very satisfied with the service they received.
If you are interested in the reverse mortgage program give us a call. We will help you to determine if the program makes sense for your financial goals and walk you through every step of the simple and easy process. It’s that easy.
*Homeowner is still responsible for taxes, insurance, and property maintenance.