Reverse Mortgage Senior Loans
At Hawaii Mortgage Experts, we enjoy helping the seniors of the community, especially the ones with equity built up in their home. The Reverse Mortgage Senior Loans, also known as the Home Equity Conversion Mortgage (HECM), is a loan available to senior homeowners, who are struggling with monthly bills and have a good amount of equity in their home. The homeowner has the ability to liberate their home equity in multiple payments until they die, sell or decide to move out of their home. With the HECM loan, the borrowers are still held accountable for the property taxes and homeowner’s insurance. Below are the qualifications for a Reverse Mortgage Loan:
- There are minimal income or credit score requirements
- Borrowers must be at least 62 years of age
- In many states, the proceeds can be used for the purchase of a new home
- House must be the primary residence (second home and investment properties do not qualify)
- They payment can be lump-sum, a monthly cash payout, a line of credit held in reserve, or a combination of all three
- Mortgage must be either fully paid off or have a small balance
For any questions, please do not hesitate to contact us, we would love to give you a call and assist you!
Disclaimer: Stock Photo used. This ad is not from HUD or FHA and was not approved by HUD or any government agency.