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 Mississippi, don't hesitate to contact one of our specialists at any time.If you're 62 or older and living in Mississippi, you may want to consider a reverse mortgage. Many Mississippi residents are using reverse mortgages to pay off medical bills, perform home renovations, and simply live life without the financial burden of a monthly mortgage payment.*
Why Apply for a Reverse Mortgage?There are many reasons why a Mississippi resident should consider a reverse mortgage, or HECM, but it ultimately comes down to two factors: financial security and quality of life. Living on a limited budget can be stressful. Many seniors live with financial pressure, while the home equity they worked so hard to build sits idle. A reverse mortgage gives borrowers access to that equity, either as a line of credit, monthly disbursement, lump sum payment, or some combination of the three. Also known as a home equity conversion mortgage, a reverse mortgage can use your existing equity to pay off your remaining mortgage. Any remaining money is available for you to use however you like. The loan does not come due until you sell the home, no longer live in the home, or pass away. While you are not required to make loan payments until it comes due, you are required to pay property taxes and insurance. You are also required to keep the home properly maintained.
Types of Reverse MortgagesMississippi residents can choose from three types of HECM, which are all insured by the federal government. A fixed term reverse mortgage makes a lump sum disbursement of money once the loan closes and locks the interest rate in at the time of closing. HECM line of credit loans are more flexible with your disbursement options. They allow you to receive your money in a draw on the line of credit at closing, in monthly payments, or with full access to your line of credit when you need it. The third option offered by One Reverse Mortgage is a reverse mortgage for purchase. This type of loan makes it possible for seniors to purchase a home with no monthly payments, giving borrowers the option to move into a home that is more suited to their needs or is closer to family.
Finding Reverse Mortgage Specialists in MississippiIt's usually best to discuss your loan options with local reverse mortgage licensed specialists, as they understand the real estate environment in your state. If you have any questions or are interested in applying for a reverse mortgage in Mississippi, 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.