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Reverse Mortgage Loans

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For persons at least 62 years old and interested in putting their home to work for them to pay off debt, cover medical expenses or help the kids, a reverse mortgage may be the right solution. This mortgage allows a homeowner to convert a portion of the equity in his or her home into cash. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer uses the home as their principal residence. Many seniors use the funds to supplement social security, meet unexpected medical expenses, make home improvements, and more.


Eligibility

Reverse mortgage loans may be made to someone who:


• Is a homeowner.

• Is 62 years of age or older.

• Owns a home outright, or has a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan.

• Lives in the home.


Note: Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving free counseling sessions with a HUD-approved agency. Family members are also strongly encouraged to participate in these informative sessions.


Loan Basics

• Receive monthly payments instead of making them.

• Refinance a home without repaying the debt for as long as the borrower lives there.

• No income, employment or credit qualifying restrictions.

• Loan proceeds can be received in a lump sum to cover large expenses, in monthly installments to supplement income, or as a line of credit to draw on as needed.

• Payment can be adjusted as circumstances change.

• The amount owed can never exceed the property’s value, so a reverse mortgage can never cause a homeowner to lose their home.


How To Get Started

To get started, contact us at info@bestyetmortgage.com.