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Reverse Mortgages Make House Payments Stop!
Homeowners age 62 or more can qualify for a reverse mortgage. It’s called a reverse mortgage because your house pays you instead of you paying for the house.
- Homeowners whose homes qualify need no income or credit score to qualify for a reverse mortgage.
- Borrow up to 72% of your home equity (depending on your age) without ever making a payment again, or pay down mortgage to the allowed amount, and all payments stop.
- Homeowners with reverse mortgages continue to be on title as the legal owners.
- Remain in the home as long as you want – until you choose to move or sell.
- When the time comes to move or sell, your or your heirs may sell the house. Or your heirs may buy the house.
- Since a Reverse Mortgage requires no payments, the interest on the loan can cause the payoff or mortgage balance to increase over time. However, as the house increases in value over time, the increased balance does not have to be paid until the homeowner decides to sell.
- When the time comes to sell a house financed with a reverse mortgage, If the sale does not bring enough to pay off the reverse mortgage balance, neither you nor your heirs will owe the difference.