What is a Reverse Mortgage?
This is a type of loan where the homeowner, who has home equity, can borrow against the loan of their home and receive a lumpsum, monthly payment, or line of credit.
Who Qualifies for a Reverse Mortgage?
The only people that can qualify for a reverse mortgage are homeowners who are 62 or older with at least 50% home equity.
How is it different from a Forward Mortgage (the one you use to buy a home)?
Reverse mortgage does not require loan payments.
Frequently Asked Questions
How can I calculate my refinance savings?
Take your closing cots into the calculation. This includes title, escrow, and origination fees. You also need to make sure you are looking at your interest savings, not payment savings.
How does a no-closing cost refinance work?
You still have closing costs, you just don’t pay them upfront. You can either finance them or choose a higher interest rate.
Have any mortgage questions? Let's get connected!