It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Connecticut, don't hesitate to contact one of our specialists at any time.Connecticut seniors, like many across the nation, have been struggling to make their monthly bills due to their tight, limited incomes. What you may not know is that you might be sitting on a substantial investment - the equity you've built up in your home. Whether you're retired or not, if you're 62 years of age or older, you could access that equity through a reverse mortgage. Connecticut seniors across the state are turning to reverse mortgages to help pay off medical bills, renovate their homes, or just feel more secure knowing they have immediate access to money should the need arise.
Paying Back a Reverse MortgageThe promise of no more mortgage payments and extra cash sound great, but how do you pay back a reverse mortgage? Connecticut borrowers don't make loan payments on a reverse mortgage until they either sell the home, no longer live in the home, or pass away.* When one of these conditions is met, the loan amount and accumulated interest come due. However, a reverse mortgage is what is known as a nonrecourse loan, meaning you never owe more than the appraised value of your home. If the loan comes due, the borrowers' heirs can either sell the home to pay off the mortgage, or refinance for the amount owed, which includes any accumulated interest. As the borrower, you maintain ownership of your home and must pay all property taxes and insurance fees. You're also required to keep the home well-maintained. As for the money freed up by accessing your equity, it can be put to use in any way you see fit.
Connecticut Reverse Mortgage SpecialistsConsider a reverse mortgage. Connecticut residents just like you are rediscovering the feeling of financial security and capitalizing on the value of their biggest and wisest investment - their home. One Reverse Mortgage works with multiple reverse mortgage licensed Specialists in Connecticut. Please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.