“High expectations are the key to everything.”
— Sam Walton, Wal-Mart Founder
There are a lot of myths surrounding reverse mortgages. They certainly are not the best option for all homeowners over 62 but many would benefit greatly from a reverse mortgage. A reverse mortgage is a great financial tool with minimum underwriting requirements to gain access to the equity in a home.
Here are some of the facts about a reverse mortgage:
- Total fees to close a reverse mortgage are less now than they were in prior years
- The required age to qualify for a reverse mortgage is 62 or over
- Interest only accrues on the outstanding loan balance and any additional monies drawn from the line of credit( if available). Interest does not accrue on any amounts not drawn from the line of credit.
- Interest only payments can be made as well as principal and interest payments, but not required.
- Borrowers remain on the deed to the home. When the home is sold, any remaining equity passes to the borrower or heirs.
If you need a reverse mortgage expert to guide and consult with you, I can provide straight forward and easy to understand information to educate you on reverse mortgages.
Marc C. Demetriou, CLU, ChFC
Branch Manager/Mortgage Consultant
Residential Home Funding Corp.
39 Main Street | Bloomingdale, NJ 07403
phone: 973-492-0117 | fax: 973-492-1108 | cell: 201-286-3386