Reverse Mortgages for Seniors – Instant Way to Get Cash without Worries

Almost all senior citizens, who own homes, are familiar with the term “reverse mortgages”. Today it is possible to get reverse mortgage loans for seniors at affordable interest rates and flexible terms. To know more on the subject of mortgage refinance for people with bad credit, read on.

How Exactly Does a Reverse Mortgage Loan for Senior Citizens Work?

A senior citizen reverse mortgage loans, which is also known as “Home Equity Conversion Mortgage” or HECM, allows drawing cash by pledging portion or all home equity. The income secured this way is tax-free and borrower need not pay the money being borrowed until he dies. After death, lender is liable to recover loan dues along with interests.

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Explore Your Reasons to Get a Reverse Mortgage Loan for Seniors Online

Senior citizen reverse mortgage loans can be secured for a number of reasons as under:

  • For converting home equity into vital cash in times of need
  • To repay unmanageable high interest rate credit debts & bills
  • For paying back high rate property taxes and prevent home foreclosures
  • To carry out home improvements, for travelling or for even buying new property

Know How Seniors Reverse Mortgage Loans Differ From Traditional Loans

The main difference between reverse mortgage loans for senior citizens and traditional home loans is that for reverse mortgages, there are no monthly payments. Besides, to get approved for a reverse mortgage loan, there are no income or credit criteria. The only factor that has bearing on approval process is age of applicant.

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Reverse Mortgage Loans for Senior Citizens: Determine If You Are an Ideal Candidate for Getting with an Ease Online

    Here is some crucial information about reverse mortgages for seniors. Prior to exploring various options, it could better if you ask yourself the below mentioned questions.

  • For How Long Do You Plan To Stay In The Home?

    Closing costs for reverse mortgages can be extremely high and to that effect, if you are thinking of moving out of the house within a year or two then getting a loan of this type might not make financial sense.

  • Are You Retired and Have Valuable Home but Low Income?

    Reverse mortgages are ideal for senior citizen homeowners who own valuable homes but have low incomes. This is because of the fact that as time passes by, equity in homes will increase and so will be their market selling prices.

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Senior Citizen Reverse Mortgage Loan: 6 Major Advantages to Getting with an Ease
  • Permits using home equity to get cash when most urgently needed.
  • Senior citizen need not sell house and can continue living in it until death.
  • Proceeds of a reverse mortgage loan can be used for purchasing new home.
  • Borrower is not required to pay monthly payments until he dies although voluntary payments are permitted.
  • As loan amount will depend on equity built up in home, there is no question of family being left in debt when borrower dies.
Obtaining a Reverse Mortgage for Seniors 62 And Older – Eligibility Criteria

To obtain approval for seniors reverse mortgage loans, the following criteria have to be satisfied.

  • Homeowner must be above 62 years old.
  • Senior citizen should be owner of property.
  • Property in question must not have any “lien”.
  • Life of property under consideration must be 20 years.
  • Borrower must be primary resident in the owned home.
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