Reverse Mortgages

Reverse mortgages, which are also called equity conversion loans, provide an opportunity for older homeowners to benefit from the equity in their primary residence without the need to sell or make payments.  The minimum age for most reverse mortgage programs is 62.  The lender pays you money based upon a percentage of the current appraised value of your home minus the existing debt which would be paid off and minus the closing costs.  Your age and current interest rate also affect the amounts offered.  You have the option of taking these tax free funds as a lump sum, a monthly payment to you or a line of credit.  There are no credit or income qualifications for these loans.  Repayment is not necessary until the last borrower leaves the home.  When you sell the home or no longer use it as your primary residence, you or your estate repays the money received from the reverse mortgage along with any interest and other finance charges and fees.  Repayment amount is never more than the value of the home.

Reverse mortgages are ideal for older homeowners who need to supplement their income.  These mortgages do not interfere with Social Security or Medicare benefits.  Your lender cannot take the home away if you outlive your loan nor can you be forced to sell your home to pay off the mortgage.

 

Questions?  Call Bill Meyers at 239-566-8484 or e-mail bill@marcoislandmortgage.com


Rates vary with geographic location, lender, transaction type, credit scores and other factors
APR is abbreviation for annual percentage rate
Rates change frequently and these rates may not reflect the latest market conditions
Expressed interest rate may change or be unavailable at commitment or closing
Most rates based on primary residence, purchase transaction
Cash out refinance rates may be slightly higher
Some loans may have pre-payment penalties
Rates on some programs may require higher down payments
This is only a brief summary of rates and programs and possible fees, call for additional information on underwriting requirements
and program limitations.  Guidelines and rates posted here are general in nature and subject to change without notice. 
Rates must be locked by phone or in person.
Mortgage calculators are believed to be accurate but results are not guaranteed
All information published on this web site is believed to be accurate but cannot be guaranteed, errors may occur
This site has been built and is maintained by Bill Meyers

Bill Meyers has been employed as a  mortgage loan consultant for one of the nation's largest residential lenders.  Bill is not a mortgage broker.  This is Bill's personal web site and not the official web site of  any bank or mortgage company.  Please consider all information posted on this site to be general in nature and representative of mortgage rates and policies that may be available from various sources.  Bill is located on Marco Island Florida.  Bill can be reached on his cell phone at (239)566-8484

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