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 Maine, don't hesitate to contact one of our specialists at any time.Maine seniors, like many across the nation, struggle to make their monthly bills while they are sitting on a substantial investment often forgot about - the equity they have built up in their homes. Maine Seniors who are 62 years of age or old, whether or not they're retired, can access their home's equity through a reverse mortgage. Seniors across the state are turning to reverse mortgages to help pay off extreme debts such as medical bills, large home repairs, or mortgage payments.
Paying Back a Reverse MortgageCurious about how you pay back a reverse mortgage? Senior Residents of Maine don't make any payments to their reverse mortgage until they either sell the home, no longer live in the home, or pass away.* Once one of these conditions is met, the loan amount and any accumulated interest come due. A reverse mortgage is a type of loan known as a nonrecourse loan, which means that you can never owe more than the appraised value of the home. If the loan comes due, the borrowers' heirs could either sell the home to pay off the mortgage or refinance for the amount owed, which includes any accumulated interest. The ownership of the home always remains under your name, and you must continue to pay all property taxes and insurance fees. Another requirement of the reverse mortgage is that you keep your home well maintained.
Maine Reverse Mortgage SpecialistsWould you like to rediscover the feeling of financial security? With a reverse mortgage, Maine seniors are capitalizing on the value of their biggest and wisest investment and living life with financial security. One Reverse Mortgage works with multiple reverse mortgage licensed specialists in Maine. 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.