A reverse mortgage is for seniors 62+ that already own their own home or wish to purchase a home using a reverse mortgage. A reverse mortgage can give a senior an option to purchase or refinance a home that is different from a conventional loan. Most reverse mortgages are insured by FHA (The Federal Housing Administration) and all loan originators that offer reverse mortgages are licensed thru NMLS (National Mortgage Licensing System).
To find out if a reverse mortgage is right for you please click HERE and one of our mortgage professionals will be happy to assist you.
Here are some Reverse Mortgage Scenarios for you to review
SCENARIO EXAMPLE #1
- John Bosworth, Age 68
- Home Value – $250,000
- Home Equity – $210,000
- Approximate Mortgage Balance – $40,000
SCENARIO EXAMPLE #2
- Craig Jenkins, age 82, and Sylvia Jenkins, age 79 (Reverse Mortgages are calculated using the age of the youngest home owner.)
- Home Value – $375,000
- Home Equity – $375,000
- Current loan amount- $0