Reverse Mortgages
Reverse mortgages are available to homeowners 62 or older. They let homeowners convert part of their home equity into cash without selling. Unlike traditional loans, a reverse mortgage does not require monthly mortgage payments; the loan is repaid when the borrower no longer uses the home as a primary residence.
The loan amount depends on the borrower's age, home value, and current rates. Reverse mortgages can supplement retirement income, pay off debt, or cover expenses, but they can carry higher rates and fees and may affect eligibility for certain benefits. Weigh the pros and cons carefully.
Reverse Mortgage Characteristics
Available to homeowners 62 or older
Convert part of home equity into cash without selling
No monthly mortgage payments; repaid when the home is no longer the primary residence
Loan amount depends on age, home value, and current rates
Can supplement retirement income, pay off debt, or cover expenses
Homeowner still pays property taxes, insurance, and maintenance
Carefully consider the pros and cons before deciding
5) Conventional loans offer options for fixed or adjustable interest rates
6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price
8) Conventional loans offer options for refinancing, including cash-out refinancing and rate-and-term refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
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