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 Ohio, don't hesitate to contact one of our specialists at any time.Ohio seniors, like many across the nation, have felt the negative impact of recent economic events. It's difficult enough dealing with economic uncertainty when you're working, and even more so when you're on a fixed income. What's most frustrating is that, even as many seniors struggle to pay their monthly bills, they could be capitalizing on a substantial investment - the equity they've built up in their homes. It doesn't matter if you're retired or not. As long as you're 62 years of age or older, you could access that equity through a reverse mortgage. Ohio seniors across the state 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 the need arise.
Paying Back a Reverse MortgageYou may be excited to learn that reverse mortgages eliminate mortgage payments and may grant you access to extra cash.* But you may also wonder, how do you pay back a reverse mortgage? Ohio residents do not have to pay back the loan 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 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. Remember, 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. You may use the money freed up by accessing your equity in any way you see fit.
Ohio Reverse Mortgage SpecialistsOhio residents just like you are rediscovering the feeling of financial security and capitalizing on the value of their biggest and wisest investment - their home. If you'd like to benefit too, consider a reverse mortgage. One Reverse Mortgage works with multiple reverse mortgage licensed specialists in Ohio. If you have any questions about applying for a reverse mortgage in Ohio, please fill out the form on this page to have a reverse mortgage specialist contact
*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.