Reverse Mortgage Loans
Can a Reverse Mortgage Help Me
A reverse mortgage loan or home equity conversion mortgage (HECM), is a type of home loan for homeowners who are 62 years and older. It allows the homeowner to access equity in their home in a single lump sum, a monthly cash advance, a line of credit or a combination of these methods.
You have probably seen TV commercials for reverse mortgages that have led you to wondering if a reverse mortgage is right for you. More and more homeowners in Mississippi and Alabama are turning to reverse mortgages to help them stay in their home during their retirement years. Take a few minutes right now and see if a reverse mortgage loan from JTS & Co. is right for you.
A reverse mortgage is not attainable for everyone. There are specific requirements you need to qualify for, but many older Americans have been using a reverse mortgage loan to help them out in later years. A reverse mortgage:
• Eliminates monthly required mortgage payments
• Gives you a way to unlock the equity in your home
• You continue living in your home until you decide to sell or vacate the home as your primary residence
If you would like to learn more about all a reverse mortgage can do for you, now is the time to contact JTS & Co.
There are specific qualifications for Reverse Mortgages and you can view those below.
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What are the Qualifications for a Reverse Mortgage
So, just how do you qualify for a reverse mortgage loan? There are requirements you must meet. While they are fairly simple, you should discuss them with a qualified mortgage lender.
1 - You must be at least 62 years of age.
2 - The home that is receiving the reverse mortgage must be your primary residence. You cannot use a reverse mortgage loan for a second home or an investment property.
3 - You must show your lender that you are financially able to maintain your home, including paying the bills and any repairs that are needed.
4 - You must meet with a HUD counselor. They will explain in full everything that a reverse mortgage entails, so you will fully understand what type of loan it is. There are real benefits to getting a reverse mortgage, and your HUD counselor will explain them to you.
5 - Your home must be already paid off or have a small very little amount left to pay off. After all, a reverse mortgage is a loan, and the lender wants to ensure that they will be able to get their money back. When you use a reverse mortgage calculator, you will see the equity which you can unlock for yourself. You are limited to how much of that equity you can obtain.
6 - Most reverse mortgages are federally insured and if someone tells you they can get you an easy reverse mortgage any other way, they are probably trying to scam you, and you should not deal with them.
There are three different types of reverse mortgages. When you take out a reverse mortgage, you can choose to receive the proceeds in one of six ways. One of those is through equal monthly payments, also known as a reverse annuity mortgage. If you are feeling confused or even put off by the prospect of a reverse mortgage, you will feel a lot better once you speak with a reputable reverse mortgage lender. Especially for those older folks who have lived in their homes for decades and no longer have a mortgage, a reverse mortgage loan is a great way to free up much-needed equity, now that you are retired.
You Can Rely on Our Reverse Mortgage Company
Reverse mortgage companies seem to have sprung up overnight, many of whom offer a reverse mortgage almost as if by magic. You want to discuss all of your options when it comes to a reverse mortgage, but with someone that you can trust. At JTS & Co., we handle reverse mortgage decisions for our clients every day and have been doing so for years.
With so much to know about reverse mortgages, do not rely on just anyone to give you the crucial information you need. Contact our reverse mortgage loan specialists today.