Vermont's Cost of LivingContinuing to make the monthly bills on a limited income can be tough, especially if you're still making mortgage payments or have any additional debts. While you're living on a budget, the capital you so astutely invested in your home's equity remains unused. You could acquire that equity through reverse mortgages. Vermont residents who are 62 and older may meet the requirements for either fixed or adjustable reverse mortgages, allowing them to gain access to their home's equity. You pay no interest payments or loan payments for as long as do not move, sell the property, or pass away.* While you live in the home, you retain ownership and must continue to pay property taxes, insurance fees, and home preservation costs. When the loan becomes payable, you (or your heirs) can sell the home to close the loan. However, if your heirs want to keep the property, they can refinance the loan as a traditional mortgage.
You Want to Reside in VermontIf your family lives in Vermont, you may have considered moving closer to them. Thanks to the reverse mortgage for purchase, we may help you do just that. Seniors who are 62 or older and eligible for a reverse mortgage for purchase can use the loan to buy a home anywhere in the state. Similar to other reverse mortgages, a reverse mortgage for purchase does not come due until you sell the home, move out of the home, or pass away.
Reverse Mortgage SpecialistsOne Reverse Mortgage works with many reverse mortgage licensed specialist located in Vermont. If you have any questions about applying for a reverse mortgage in Vermont, 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.