There is a lot of uncertainty when it comes to reverse mortgages, Amber has been specializing in reverse mortgages for the past 13 years. Customers should never be scared because they are protected to never owe more than the home is worth.
Customers with a reverse mortgage have mortgage insurance and this guarantees they will never owe more than 95% of what the home is worth at the time the estate is settled.
Customers always remain in control and on the title so they can sell or pay off at any time and when they pass away their heirs have up to 1 year to sell or refinance in order to take advantage of the remaining equity.
Customers can actually purchase a home with a reverse mortgage. The qualifications are listed below and are simple.
- 62 or older
- Sufficient down payment approx. 50% at the age of 62 this depends on rates
- FHA approved property
As long as you are doing these four things’ you can remain in the home with no repayment:
- Pay property taxes
- Pay homeowners insurance
- Maintain the home includes paying HOA
- Keep as a primary residence
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