What are the Borrower Requirements for a Reverse Mortgage?
Atleast one borrower must be 62 Years of age
Must live in the home as a primary residence
Must have equity in home
This loan program is based on your age and the value of your home.
Example: At the age of 70 with a home valued at $275,000.00, the program would give you approximately $156,900.00. These proceeds can be used to pay off an existing debt on your home. If your home is paid off free and clear, you can use the finds as either a line of credit, monthly income, or a combination of both that you could spend however you needed -there are no restrictions.
No repayment of this loan is required during your lifetime, or your spouse’s lifetime so you will NOT have a monthly loan payment to worry about, and you can stay in your home for as long as you choose to live there!
For more information, please contact Universal Lending Reverse Mortgage Division for a complimentary consultation.
What am I required to do once I have a Reverse Mortgage?
Keep property taxes current.
Maintain adequate home owners insurance.
Maintain your property in good condition.
Use the home as your primary residence.
After all... this is still your property.