What is a Reverse Mortgage?
A reverse mortgage is a unique loan product that allows homeowners, ages 62 and older, to convert a portion of their home equity into cash. While the senior remains in their home, there are no required mortgage payments. Conversely, the lender makes payments to the senior! The cash can be used for monthly living expenses, medical costs, or to simply add to a nest egg. The senior is still responsible for taxes, insurance, home maintenance and any homeowners’ association fees, but that’s it.
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Reverse Mortgage Requirements
At least one borrower must be 62 years of age or older
Borrowers must be able to pay taxes, insurance and HOA (if applicable)
Borrowers can own their home outright or have a low balance on the mortgage that can be paid off at closing with proceeds from the loan
Reverse Mortgage Benefits
No FICO qualification
No debt-to-income ratios
Borrowers aren’t restricted on how to use the loan proceeds and it is non-taxable funds
A reverse purchase can help a borrower retain their savings, improve their monthly cash flow, and / or finance a purchase that would normally be beyond their budget
Helps borrowers age in place
VIPs Reverse Mortgage Department is a member of the National Reverse Mortgage Lenders Association and the Better Business Bureau