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 Maryland, don't hesitate to contact one of our specialists at any time.The Federal Housing Administration insures all home equity conversion mortgages in the country, making it easy to find reverse mortgage licensed specialists in Maryland. However, before you contact a mortgage lender, you should consider the reasons you may want to apply for a reverse mortgage.
High Costs of LivingLike many other states, Maryland's cost of living is gradually increasing. Living on a limited income and making all the monthly bills can be extremely difficult, especially if you are still paying your mortgage or any major debts such as medical bills. While you're living on a limited budget, the wealth you so wisely invested in your home's equity continues to sit unused. Accessing that equity is easy through a reverse mortgage. Maryland residents may qualify for a fixed or adjustable reverse mortgage that allows them to put their equity to use. They pay no interest payments or loan payments for as long as they own and live in their home.* The loan only comes due if they move, sell the property, or pass away. As a borrower, you retain ownership of your home and must continue to pay property taxes, insurance fees, as well as home maintenance costs. When the loan comes due, you or your heirs have two options on how to pay back the loan. The first option is to sell the home. However, if your heirs wish to keep the property, they can refinance the loan as a traditional mortgage.
My Family Lives in Maryland, but Not MeIf your family lives in Maryland and you don't, you may have considered moving closer to them. Or perhaps you have always dreamed of retiring to the East Coast, but don't think you can afford the cost of a new home. Thanks to a reverse mortgage for purchase, we may help you realize your relocation dreams. Seniors who qualify for reverse mortgage for purchase can use the loan to buy a home anywhere in the country, including Maryland. Like other reverse mortgages, a reverse mortgage for purchase doesn't come due until you sell the home, move out of the home, or pass away. However, there's one stipulation. HECMs only apply to primary residences. You can't purchase a vacation home with reverse mortgages.
Reverse Mortgage Licensed SpecialistsOne Reverse Mortgage works with multiple reverse mortgage licensed specialists in Maryland. 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.