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 Nebraska, don't hesitate to contact one of our specialists at any time.Like many seniors across the nation, Nebraska seniors have been negatively affected by recent economic events. While dealing with economic uncertainty when you're working is difficult enough, doing so when you're on a fixed income is even harder. What's even more frustrating is that, even as many seniors struggle to make their monthly bills, they're not accessing 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 retrieve that equity through a reverse mortgage. Nebraska seniors across the state are turning to reverse mortgages and using them to pay off medical bills, renovate their homes, and feel more secure knowing they have immediate access to money should the need arise.
Paying Back a Reverse MortgageBeing able to eliminate mortgage payments and have extra cash sound like a good deal, but how do you pay back a reverse mortgage? Nebraska residents don't have to pay back 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. Keep in mind that a reverse mortgage is a nonrecourse loan, meaning you never owe more than the appraised value of the home. 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 any use you see fit.
Nebraska Reverse Mortgage SpecialistsNebraska residents who are interested in capitalizing on the value of their home should consider a reverse mortgage. One Reverse Mortgage works with multiple reverse mortgage licensed specialists in Nebraska. 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.