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WHAT IS A REVERSE MORTGAGE? HOW DO I QUALIFY FOR A REVERSE MORTGAGE?
There are no requirements or credit concerns because the equity in your home already belongs to you! HOW MUCH MONEY CAN I RECEIVE WITH A REVERSE MORTGAGE? Your age and the market value of your home determine the amount of money you can receive. A representative from our company can assist you in person or over the phone to evaluate your maximum payment options. ARE THERE RESTRICTIONS ON HOW I USE MY REVERSE MORTGAGE FUNDS? Absolutely not! With a reverse mortgage, you can use your home equity in any way you'd like:
The money is yours; so you decide.
The following five different reverse mortgage payment options are available, depending on your individual needs: 1 - Term option: equal monthly payments for a fixed period of time that you select 2 - Tenure option: equal monthly payments for life as long as you occupy your home as your primary residence 3 - Line of credit option: draw up to a maximum amount of cash at the times and amounts of your choosing 4 - Modified term option: set aside a portion of your equity for line of credit of lump sum payment and receive the remainder in the form of monthly payments for a fixed period of time that you select 5 - Modified tenure option: set aside a portion of your equity for a line of credit or lump sum payment and receive the remainder in equal monthly payments for life, as long as you occupy your home as your primary residence WHAT IS THE INTEREST RATE ON A REVERSE MORTGAGE? The interest rate on a reverse mortgage is tied to the market indexes, and is determined at loan closing. The rate can adjust either monthly or annually depending on the program you select. The interest charges do not affect your monthly payment, nor are you charged interest on money that is approved but not yet withdrawn. WHAT OTHER COSTS ARE INVOLVED WITH A REVERSE MORTGAGE? Reverse mortgage costs include the required property appraisal, title insurance, loan origination and recording fees just like a regular mortgage loan. All of these loan costs can be financed into your loan balance. Call our office today for a free estimate of all loan costs involved. HOW DO I KNOW IF A REVERSE MORTGAGE IS RIGHT FOR ME? Before applying for a reverse mortgage, you are required to attend an information counseling session to help you determine whether a reverse mortgage is right for you. For your peace of mind, we encourage you to include family members or trusted friends in the process. For more information on counseling, or to make an appointment, call our office today. WHAT ABOUT MY HEIRS? Your remaining assets are completely protected. Depending on how long you participate in the reverse mortgage program and how much equity you retrieve from the home, after repayment (by the sale of the home or other means), the remaining equity stays with your estate. Residential Mortgage has been providing reverse mortgage loans to Kentucky residents since 1995. As one of the few Kentucky lenders offering both the FHA HECM Homekeeper Reverse Mortgages, we are dedicated to serving the needs of the senior homeowners throughout the state. REQUEST AN ESTIMATED LOAN AMOUNT
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