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Reverse
Mortgages - US
Find Today's
Leading Reverse Mortgage Loan. Compare Reverse
Mortgages to find the lowest Reverse Mortgage rates.
Simply Enter Your Zip Code in the Box on The Left
For an Instant Reverse Mortgage Quote.
Simply enter your zip code in
the box on the left for instant quotes.
Reverse mortgages let
homeowners tap in to the value of their homes and
receive money from their lenders. The money can be
withdrawn in a single lump sum, received in monthly
payments, or take the form of a line of credit,
depending on the arrangements made in the reverse
mortgage agreement.
You must
meet several conditions before you can qualify
for a reverse mortgage. You must be 62 or
older and own your own home, condominium, or
townhouse, and live in it as your primary
residence. Co-op owners typically will not
qualify for a reverse mortgage. Most lenders
also require that there be no other debt against
the home. If you still owe some debt on your
home, you can arrange to pay it off with some of
their reverse mortgage payments.
The amount of the reverse
mortgage is based on the value of the home,
so your credit history is not a significant
factor. The age of the borrower, interest rate,
and loan fees will also factor into the amount
of the reverse mortgage.
As long as you are living in
the house, maintaining the home, and paying the
property taxes and insurance, you do not need to
pay back the loan. In addition, payments from
your reverse mortgage will not affect your
ability to collect Social Security, Medicare, or
pension benefits.
There are a number of companies who all offer competitive
Reverse Mortgages. Use one of our free
Reverse Mortgage
Calculators to compare different mortgage
offers.
What are the Disadvantages of
a Reverse Mortgage?
- Reverse mortgage fees can
be high, although the fees are often rolled
into the loan and not paid upfront. A
reverse mortgage can cost thousands more
than a conventional mortgage.
- It’s important to
calculate the cost of a reverse mortgage
against what you would gain, because once
you enter a reverse mortgage agreement, the
mortgage company essentially owns your home.
- Get sound advice. Discuss
your reverse mortgage plans with legal and
financial advisors, and family members,
before making a decision. Because home
ownership is often a person's most valuable
asset, getting a reverse mortgage is
essentially the same as spending the money
you'd expect to leave to your heirs.
- Be sure that the older
homeowner is thinking clearly when making
this decsion (no dementia or symptoms of
Alzheimer's), because having a sudden influx
of cash can be a heady experience and it
would be a shame to waste it or become the
victim of a scam.
- Reverse mortgages are
often seen as a last resort if the homeowner
needs cash and there are no other options.
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Best Financial Packages
At Sherlochs, we regularly update our pages
with the very latest financial offers. Find
the best mortgage rates, cheapest loans, best
insurance quotes and more.
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