5 Facts About Reverse Mortgages - Check The Main Things
As the usual mortgages, also the reverse mortgages are long term commitments
, which means that seniors have to think thoroughly, before they will sign anything. They should have an attitude, that the reverse mortgages are meant for the serious purposes.
1. What If I Have A Usual Mortgage?
The reverse mortgages work in that way, that if you have still the usual mortgage, you have to pay away it with the reverse loan. This will release money for the monthly use, because the reverse loan will not be paid back monthly.
2. What Home Types Can Qualify?
The properties, which are classified as the vacation homes or secondary residences do not qualify for the reverse mortgage loan. Also the mobile or manufactured homes, which are not attached to a permanent foundation, will not qualify. Rental properties of more than four units and the homes, which are located on a leased land will not qualify.
3. Any Influences On The Social Security, Medicare Or Pension Benefits?
Normally the reverse mortgages will not influence on these items. In some states however, it depends whether the income from the reverse loan is used during the same month as it has received. To make sure you will do the right solution, it is best to contact the federal counselor in your state.
4. Are There Any Upfront Costs?
Yes, there are, but all of these costs can be paid from the the initial loan advance. The upfront costs are the origination fee and the closing costs including the charges by the title and escrow companies. The lender can give the exact sums.
5. Can I Lose The Home?
No, you cannot. The loan will be repaid, when it will be closed. This happens, when the last borrower will move away, the property sold or the last borrower will die. Then the home will be sold and the loan will be paid back from this money. The remaining sum belongs to the borrower or to the heirs.
As you can see from this short article, the reverse mortgage loan is totally a loan against the equity of the home. The lender will not ask the income or credit information and your health condition has no meaning in this connection.
But it is a long term commitment, like the usual mortgage, so it is wise to talk with the experts and with the seniors, who have taken this kind of the loan. The federal counselors can also guide about other solutions for your needs, because they are not sellers of the reverse loans but independent experts, whose only idea is to guide the seniors.
by: Juhani Tontti
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