Reverse Mortgage Leaders provides reverse mortgage loan consulting and services to seniors, lenders and borrowers in Virginia, Columbia, Maryland, Texas and other states in the USA.
If you are interested in reverse mortgage loan but having no proper reverse mortgage loan let me explain bit about the reverse mortgage loan. First of all you should know that to qualify for a reverse mortgage, you must be at least 62 years old. The mortgage on your home must be completely or nearly paid off. You can get a reverse mortgage regardless of your current income.
There are some other very important points that you should know about the reverse mortgage loans. These loans are more expensive and complex than traditional loans. Before applying for a reverse mortgage you should understand the following four points.
- The amount of the loan may not meet your current and future needs. For example, a 65-year old with $70,000 in home equity who wanted a reverse mortgage as a monthly income supplement may get as little as $150 per month on a term mortgage.
- With a reverse mortgage you will retain title to your home and continue to be responsible for paying the property taxes, insurance and for the general upkeep of the property.
- A reverse mortgage may affect your continued eligibility for need-based government benefits programs such as Supplemental Social Security (SSI) and Medicaid. Monthly payments from the loan must be spent within the month they are received. If not, such payments will be considered “income,” and may make you ineligible for public benefits. You should contact your benefits provider to ask about how a reverse mortgage may affect your eligibility.
- A reverse mortgage may not be right for you if you want to leave your home, free and clear, to your children or others who will inherit from you. Your relatives will not be able to inherit from you unless they pay off the loan after you have passed away.
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