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 Missouri, don't hesitate to contact one of our specialists at any time.Missouri seniors, like many across the nation, have been feeling the sting of recent economic events. It's difficult enough dealing with economic uncertainty when you're working, but even more so when you're on a fixed income. What's most frustrating is that, even as many seniors struggle to make their monthly bills, they're sitting on a substantial investment - the equity they've built up in their homes. Whether or not you're retired, if you're 62 years of age or older you could access that equity through a reverse mortgage. Seniors across the state of Missouri 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 they need it.
Paying Back a Reverse MortgageGetting rid of mortgage payments and having extra cash sound great, but how do you pay back a reverse mortgage? Missouri residents are not required to 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. 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. It's important to know that a reverse mortgage is what is known as a nonrecourse loan, meaning you never owe more than the appraised value of the home. As the borrower, you remain the owner 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 any use you see fit.
Missouri Reverse Mortgage SpecialistsConsider a reverse mortgage. Missouri 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 Missouri. Please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.