Reverse Mortgages
A reverse mortgage is an increasingly popular consumer loan for senior homeowners age 62+. It allows these senior homeowners to tap into the home equity that has been built up. There are no monthly mortgage payments but homeowners are still responsible for paying property taxes, insurance, and maintenance. The repayment of the loan is deferred until the homeowner dies, sells or moves out of the home. Because there are no monthly mortgage payments and homeowners can generally receive their home equity as tax-free cash this particular type of loan has seen over 1,000,000 seniors take advantage.(1
You continue to live in your home and retain title to your home as long as you continue to pay your property taxes, insurance, and maintenance.
You generally receive the proceeds of the loan as tax-free cash in which you can use the money as you see fit. It is recommended though to speak with your financial advisor to verify your specific situation.
You do not make any monthly mortgage payments during the course of the loan. You do have to follow the constructs of the loan guidelines and are responsible for paying your property taxes, insurance and maintenance.
A reverse mortgage is a non-recourse loan. Neither you nor your heirs are liable for any amount of the mortgage that transcends the value of your home.
You choose the disbursement option. There are several ways in which you can receive the proceeds of the loan.
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New Beginnings Mortgage Solutions is a division of Premier Lending, Inc.
Premier Lending, Inc is an Equal Housing Opportunity NMLS# 238143.
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Corporate Office
3420 Toringdon Way
Suite 220
Charlotte, NC 28277
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