by Theo Misaresh | Jul 4, 2019
Equity is quite simply the difference between the appraised value of your home, and the loan amount owed on the property. For example, a $250,000 home with a loan amount of $150,000 has $100,000 of equity.
by Theo Misaresh | Jul 4, 2019
Both you and your spouse have to be 62 years of age or older. There are some exceptions where a spouse can be under 62 and a loan can still be done safely.
by Theo Misaresh | Jul 4, 2019
No. The money you receive from a reverse mortgage is yours, and can be used for whatever you like. Many seniors invest the money, use it for a dream vacation, apply it to home renovations, and set it aside for long term in-home health care, while others sleep with it...
by Theo Misaresh | Jul 4, 2019
An average reverse mortgage costs close to $13,000, and is paid from the proceeds of the loan. That being said, with some reverse mortgages costs are much lower. A big part of the cost is the FHA Insurance that can be from .5% to 2.5% of the value of the home but no...
by Theo Misaresh | Jul 4, 2019
There are many different payment plans for receiving your cash proceeds from a reverse mortgage. For most money available the line of credit is the most popular. Other options include the lump sum option where the entire sum of money is given at the time of closing,...
