Reverse Mortgages

If you have ever heard of a reverse mortgage then perhaps you are apprehensive about it because you don’t know much about it. It is also one of those things that sounds too good to be true. A reverse mortgage is a loan where the homeowner uses a portion of their home equity to repay the loan until they move out of the home. This is the type of option that is available to those who are 62 or older and who own a home with good equity in the home. Many people have questions about this type of loan and direct them to our qualified, professional loan officers at Las Vegas Mortgage Lenders.
 
Are you Eligible for a Reverse Mortgage
If you are reading this, you are probably wronging if you’re even eligible for this type of loan. If you are 62 years of age or older then you can apply. However, you must still meet the following eligibility criteria.
 

1. You have to own your home outright or have a single lien that you can borrow against
2. Every mortgage that you currently have must be paid off using the money from the reverse mortgage
3. You must be the homes, primary resident
4. You have to be current on property taxes, homeowner's insurance, and other mandatory obligations, like the HOA dues
5. You have to participate in a consumer information session by an approved HUD counselor
6. You must keep up the appearance and condition of your home and property
7. You must have a single-family home, a multi-unit property that has up to four units, a condo, a townhouse, or a manufactured home that was built after 1976.

 
If you need to know more about eligibility for a reverse mortgage, you can rely on our professional loan offers to provide you with all the information that you’ll need.
 
How It Works
As a qualified homeowner, you might not be able to use the full value of your home, even it has been paid off. The amount that you are able to borrow will vary based on the age of the eligible non-borrowing spouse or youngest borrower, the HECM FHA mortgage limit, and prevailing interest rates. Finally, it will depend on your home’s value too. Generally, the older the borrower is the lower the interest rates will be. Also, the more your property is worth, you will likely receive a higher principal limit.
 
Collecting Adequate Information
At Las Vegas Mortgage Lenders, we think that it is very important that borrowers understand what they are doing before they sign on the dotted line. This is why we encourage them to have someone else with them, perhaps one of their family members or a trusted friend when they discuss this with our loan officer. We want to make sure they have received adequate information that leads them to make the right decision. Our loan officers offer full transparency when it comes to providing consumers with detailed information about any type of loan, including a reverse mortgage loan.