cropper
Nexa Mortgage - Scott Berkley Utah Loan Officer NMLS#1995397
WHAT CAN A REVERSE MORTGAGE DO FOR ME?
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Q

What is a Reverse Mortgage?

A reverse mortgage is a special type of loan made to older homeowners, to enable them to convert the equity in their home into cash, to fund living expenses, home improvements, in home health care, bills, vacations or other needs or wants.  With a reverse mortgage, the payment stream is reversed and payments are made from the lender to the borrower, just the opposite as with a regular mortgage.

Q

How much can I get?

The amount of money that a homeowner can receive will depend on the type of reverse mortgage, the borrower's age and current interest rates, and the home's property value. "Projected Life Expectancy" is used to determine the amount of the monthly payments or line of credit. In general the older the applicant is, the larger the monthly payments or line of credit will be. Income and credit requirements to qualify for a reverse mortgage are greatly reduced compared to a "forward" mortgage.  

Q

How old do I have to be to get a reverse mortgage? Do I have choices in how I can receive the money?

Reverse mortgages are limited to borrowers 62 years or older and who own their home free and clear of debt, or nearly so, and the home is free of tax liens. Borrows usually have a choice of receiving the proceeds from a reverse mortgage in the form of a lump sum payment, fixed monthly payments for life, or a line of credit. 

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