Cost of Living in Rhode IslandMaking the monthly bills on a limited income can be tough. It's even harder if you're still making mortgage payments or owe any expensive medical bills. While you're living on a limited budget, the wealth you so wisely invested in your home's equity just sits there waiting to be used. You could access that equity through reverse mortgages. Rhode Island residents may qualify for either fixed or adjustable reverse mortgages, which allow them to use their equity. With a reverse mortgage, you do not pay interest payments or loan payments for as long as you own and live in your home.* The loan only comes due if you move, sell the property, or pass away. You maintain ownership of the home and must continue to pay property taxes, insurance fees, and home maintenance costs. When the loan comes due you (or your heirs) can sell the home to close the loan. If your heirs wish to keep the property, they can refinance the loan as a traditional mortgage.
If I Move to Rhode Island, I'll be Closer to the KidsIf your family lives in Rhode Island and you don't, you may have considered moving closer to them. Thanks to a reverse mortgage for purchase, we may help you do just that. Seniors who are interested in moving to Rhode Island and qualify for reverse mortgage for purchase can use the loan to buy a home anywhere in the state or country. Like other reverse mortgages, a reverse mortgage for purchase doesn't come due until the last homeowner sells the home, moves out of the home, or passes away. However, there is one caveat though when it comes to reverse mortgage for purchase. HECMs only apply to primary residences. You can't purchase a vacation home with reverse mortgages.
Reverse Mortgage SpecialistsOne Reverse Mortgage works with multiple reverse mortgage licensed specialists in Rhode Island. If you have any questions about applying for a reverse mortgage in Rhode Island, 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.