What is a Reverse Mortgage loan?
A Reverse Mortgage is a loan against your home, available to homeowners 62 years or older, that allows them to convert part of the equity in their homes into cash. With Reverse Mortgage loan, you have the option of flexible mortgage payments if that suits you, otherwise you don’t have to make any monthly mortgage payments. A Reverse Mortgage loan was conceived to help homeowners, 62 years or older with limited income, to use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care.
How does a Reverse Mortgage work?
Reverse mortgages are insured through the Federal Housing Administration’sHECM Home Equity Conversion Mortgage program. A Reverse Mortgage is a federally insured loan. This insurance makes it so that neither you nor your heirs would actually owe more than what the house is actually worth. This feature is actually makes this loan a safe and secure way to tap into homes equity.
There are different ways a borrower can receive money through a reverse mortgage; in a line of credit, as a monthly payment, or in a lump sum. The amount you can borrow depends on your total equity, your age, the value of the property, and current interest rates, Chris Brundige said. Chris is a loan officer with FirstBank and he has the expertise to answer your questions. The Reverse Mortgage line of credit offers a different feature than standard lines of credit. The amount of money available on your reverse mortgage line of credit grows over time adding to your spending power.
Reverse Home Mortgages in Tennessee
FirstBank Reverse Mortgages area federally-insured, home equity conversion mortgages (HECM). These mortgages are governed by the U.S. Department of Housing and Urban Development and are the only reverse mortgages insured by the Federal Housing Administration. We can help you with your Reverse Mortgage loan anywhere in Memphis, Tennessee and Midsouth. You can schedule a free session with our Memphis Reverse Mortgage Loan Specialist Chris Brundigeby calling 901-472-1301
Reverse Mortgage eBook
Click here to Download your free Reverse Mortgage eBook or call our experienced Memphis Reverse Mortgage loan Expert Chris Brundige at 901-472-1301 to learn more about your options or visit http://reversemortgagelenderintn.com for more information.
*Homeowner is still responsible for paying property taxes, insurance, and property maintenance.