A reverse mortgage is a valuable financial tool for those of the age 62 or older. If you are looking for extra money to help with medical expenses, home repairs, or to travel the world, a reverse mortgage is just what you are looking for. This is a chance for seniors to get much-needed financial assistance. For more guidance contact one of the best reverse mortgage companies near Brentwood, TN.
There are different types of funding options you can choose from depending on which loan you receive. Repayment for these loans is not required until death of the borrower, selling of the home, or the borrower has not lived in the home for over a year. Just like any other loan, there are requirements but since there are different types of reverse mortgages the requirements will differ. Here is a look at different requirements.
Requirements for a Reverse Mortgage
1. Ownership of Property
You must own the home outright and have paid at least half of the equity of the home. It is also a requirement that you currently live in the home. The property can be a house, townhouse, condominium, or manufactured home built after 1976. Depending on the size and worth of your home, different types of reverse mortgages could offer you more than others.
Depending on the loan you apply for will depend on the fees that are involved. The most common fees are origination fee, up-front mortgage insurance, closing costs, interest, and others. Most of these can be paid with the loan itself, so no out-of-pocket payment will be necessary.
If you choose a loan that is through the Federal Housing Administration (FHA) a counseling session will be required. During the 90-minute session you will go over the pros and cons of a reverse mortgage within your situation. You will also go over the types of funding options and if it will affect your eligibility for Social Security and Medicaid.
For More Information Contact Our Reverse Mortgage Companies Near Brentwood TN
If this is something that interests you, give us a call today for more information on how to get started. You’ll be working with one of the best reverse mortgage companies near Brentwood, TN.