Reverse Mortgage - A reverse mortgage (or lifetime mortgage) is a loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner’s obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves.
To qualify for a reverse mortgage in the United States, the borrower must be at least 62 years of age. There are no minimum income or credit requirements, but there are other requirements and homeowners should make sure that they qualify for the loan before they invest significant time or money into the process. For most reverse mortgages, the money can be used for any purpose; however, the borrower must pay off any existing mortgage(s) with the proceeds from the reverse mortgage and, if needed, additional personal funds.
Getting the best reverse mortgage is very important as the closing costs can be high. This upfront cost is tempered by the lower interest rate over time, but some seniors choose other options to draw on their home equity, particularly if they don’t plan to remain at the property more than five years. We have put together a listof the best places to get a reverse mortgage in the table shown below.
Pick the top rated lender which is from the table to the left for the reviews of the best places to get a reverse mortgage that will get you the best value for your home. Getting the most for your home is critical and this list of places to get a reverse mortgage will be invaluable to your results. Each category in the table has information on which mortgage lenders have the lowest closing costs, and best payout to the home owner.