Our Reverse Mortgage Refinance Loan program allows senior buyers, age 62 or older, a way to access their equity, without selling their homes. This allows the borrowers to live in their homes for the remainder of their lives, without making a monthly payment, as long as they remain in their homes. Your monthly payments are added on to your loan balance due. So, if you need to have more income for your retirement years, a Reverse Mortgage Refinance Loan might be right for you. The older you are, the higher loan amount for which you qualify. You can elect to receive your money in lump sums or on a monthly basis. Also, a borrower qualifies for this loan based on their appraised property value, not based on their credit and income. This is a big factor for retirees with limited income and credit. The subject property must be in good condition to qualify for a Reverse loan. The borrowers must keep their taxes and insurance current. When the last qualifying borrower passes away, the heirs must refinance or sell this property. Call us to learn how a Reverse Loan can help you have more money for your retirement years.
- No credit score or income requirements
- No monthly loan payments to be made, rather they are added on to your balance
- Allowed Loan amount is based on the home appraised value/condition as well as the borrower’s age
- Money received is not taxable
- Counseling services available and approved by Department of Housing and Urban Development
- Unless sold, borrower retains full ownership
- Minimum age for borrower is 62
- Must be primary residence or second home, not a rental home
- 35-40% equity based on the new loan amount, may be required
- Once the heirs inherit this property, it must be either sold off or refinanced, based on 95% of appraised value to pay off the reverse loan.