Reverse Mortgage ~ Frequently Asked Questions

 

So, You're thinking about a Reverse Mortgage? Well, You came to the right place.
             The LOANSA2Z team will help you understand the facts so you can ignore the myths.

• Want or need a new car;
• Need a new roof or A/C system;
• Want to travel to see their grandkids, see Europe, or take a cruise;
• Want a little more financial security;
• Or just don't want to make any more mortgage payments.

Whatever your dreams, The LOANSA2Z team will help you make them come true!

When you are ready, just give us a call at 480-889-9000 or Toll Free at 888-889-9950 and we will get you approved in jiffy.

 

FAQ ~ Frequently Asked Questions

 

Here are some of the Myths we want to bust.

• The bank will own my house

FALSE . . .

You own your house. You remain on title just
like you always have. If you sell? You decide.
When you sell? You decide.
Its your house, you decide.

• If I already have a mortgage, I cannot get a Reverse Mortgage.

FALSE . . .

If you currently have a mortgage, it gets paid off with
the first disbursement from the Reverse Mortgage
along with any additional cash you want up front.
 

• A Reverse Mortgage will only allow me to access
  half of my equity.

FALSE . . .

The amount of equity available is determined
by how much equity you have, how old you
are and the county you live in. You can set up
your Reverse Mortgage to receive
~ A lump sum at the beginning
~ A Line of Credit for future needs.

• When I go to a nursing home or pass away, my heirs or estate will be forced to pay off the balance of my Reverse Mortgage even if it is more than the house is worth.

FALSE . . .

Your Reverse Mortgage is secured ONLY by your
home. When you die, If the balance is greater than
the value of the home, your heirs or your estate
WILL NEVER HAVE TO PAY
the excess balance. If the home is worth more than
the balance, then they get the excess proceeds.

• If I take out too much money or live to long, the Bank will force me make payments even if I can't afford them, or they will force me to sell my home.

FALSE . . .

Perhaps the most attractive feature of a Reverse
Mortgages is that you will never be required to make
another mortgage payment.  That's right...
NO MORE PAYMENTS, EVER!
Even if you live to 100 years old or more.

• If I have poor credit or have excessive debt I do not qualify for a Reverse Mortgage.

FALSE . . .

There are no income, credit or debt servicing requirements.
The only requirements are that you be 62 years old, own the 
home as your primary residence and have enough equity.

• There are no responsibilities with a Reverse Mortgage.

FALSE . . .

Remember, this is still your home. Even with a Reverse
Mortgage you are still responsible for paying for property
taxes, hazard insurance as well as normal upkeep. 

 

 

For additional information, this link will take you to The top Ten Frequently Asked Questions HUD has listed on their Reverse Mortgage Site.  Click this Link