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 New Mexico, don't hesitate to contact one of our specialists at any time.Like many seniors across the country, New Mexico seniors have had a difficult time dealing with economic uncertainty - especially if they are on a fixed income. What's most frustrating is that, even as many seniors experience this struggle, 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 use a reverse mortgage to access that equity. New Mexico seniors across the state are turning to reverse mortgages to help pay off medical bills, renovate their homes, or feel more secure knowing they have immediate access to money should they need it.
Paying Back a Reverse MortgageIt's exciting to be able to eliminate mortgage payments and access extra cash, but how do you pay back a reverse mortgage?* New Mexico residents won't have 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 situations occur, the loan amount and accumulated interest come due. If the loan comes due because the last homeowner passed away, 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 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 used for whatever you like.
New Mexico Reverse Mortgage Licensed SpecialistsNew Mexico residents are rediscovering the feeling of financial security and capitalizing on the value of their biggest and wisest investment - their home. If you want this too, consider a reverse mortgage. One Reverse Mortgage works with multiple reverse mortgage licensed specialists in New Mexico. 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.