24 July 2014

The sum you’ll receive depends on your age, your spouse’s age, the type and location of your house and its current appraised value.

Is reverse mortgage the last hope for borrowers?

Some seniors actually get a reverse mortgage for paying off their debts. In the same time, it can also be used for increasing monthly income, paying for homecare, unexpected expenses, reducing income taxes, buying vacation or investment property, and helping relatives.

Is there a certain fee for getting a reverse mortgage?

There’s only one time fee for arranging a reverse mortgage, including appraisal fee, fee for independent legal advice, administration, title insurance and registration. Everything, except the appraisal, is paid for with the funding money.

What should I do if I can’t afford payments?

You don’t have to provide monthly payments as long as you live in your house. You need to repay only in case you move out or decide to sell the hose.

Can I get a reverse mortgage if I have an existing mortgage?

In fact, many borrowers use a reverse mortgage for paying off their existing mortgage loans or other debts.