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 North Dakota, don't hesitate to contact one of our specialists at any time.If you're a resident of North Dakota who is 62 or older, you may want to consider a reverse mortgage. Thanks to the reverse mortgage, North Dakota residents are paying off medical bills, performing home renovations, and living their lives without the burden of a mortgage payment.*
Why Apply for a Reverse Mortgage?Among the many reasons North Dakota residents have for considering a reverse mortgage, or HECM, there remains two main factors: financial security and quality of life. Living on a limited budget can be stressful. And while many seniors live with financial pressure, the home equity they worked so hard to build is there just waiting to be used. 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, with any remaining money available for your use. The loan does not come due until you sell the home, no longer live in the home, or pass away.
Types of Reverse MortgagesNorth Dakota residents can choose from three types of HECMs, 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 loan interest rates are locked into the rate at the time of closing. HECM line of credit loans provide a number of options, including a draw on the line of credit at closing, monthly payments, or full access to your line of credit when you need it. The third option offered by One Reverse Mortgage, a reverse mortgage for purchase, makes it possible for seniors to purchase a home with no monthly payments. This gives borrowers the ability to purchase a home that is better suited to their needs or is closer to friends or family. Whatever type of reverse mortgage you choose, keep in mind that you must pay property taxes, insurance, and home maintenance costs.
Finding Reverse Mortgage Licensed Specialists in North DakotaIt's generally best to negotiate with local reverse mortgage licensed specialists, as they understand the real estate environment in your own state. If you have any questions about applying for a reverse mortgage in North Dakota, 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.