Reverse Mortgage Lenders

Reverse Mortgage Lenders are essentially financial institutions or agencies that provide Reverse Mortgage Loans to senior Americans. Reverse Mortgage is for home owners who have reached the age of 62. You obtain a reverse mortgage by accessing the equity in your home. This is done through HUD and FHA approved reverse mortgage lenders. The Reverse Mortgage Lenders may be a bank or a licensed mortgage lender.

The interesting part of reverse mortgage is that instead of you having to pay monthly payments on your loan, the Reverse Mortgage Lenders, pay you a lump sum or provide for monthly annuity payments to you for a lifetime. You continue to live in your own house and you also receive a regular flow of income. You still own your home, you are NOT granting any ownership interest in the property to the lender.

It's a loan, like any other mortgage loan, except Reverse Mortgage Lenders recover the loan balance with the interest added up over the years when you sell your home, die or move out on a permanent basis.

You qualify for reverse mortgage if:

  • You are at least 62 years of age
  • Your home is in your name

The amount you qualify for depends on the market value of your home, your age and the area you live in. Typically, the older you are, the larger the percentage of your home equity you can access and the larger the reverse mortgage you are eligible for. Fill out this short form to determine if you are eligible for reverse mortgage.

There are a number of Reverse Mortgage Lenders including banks, credit unions and other lenders, to obtain a Reverse Mortgage Loan from. Reverse Mortgage Lenders offer a wide array of Reverse Home Mortgage products. Reverse Mortgage Loan are becoming increasingly popular among homeowners who use it to supplement their retirement income, or who wish to arrange cash for healthy care, home improvement, or for some urgent cash requirement.

Reverse Mortgage Lenders help you pre-qualify and find out how much money you require to buy a home of your choice. They enable you to understand the loans you are looking at so that you do not get confused when a large number of options are available.

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