A reverse mortgage is a type of loan that allows homeowners ages 62 and older to borrower part of their home’s equity as tax-free income. Unlike regular home loans, there are no qualifying factors such as credit, income, or assets. There no monthly payments and the borrower can even get a monthly income payment.
Overtime the balance will continue to increase as interest will accrue but it’s added to the loan. The entire loan balance becomes due and payable when the borrower dies, moves away permanently, or sells the home.
Loan Purposes:
- Purchase
- Refinance Rate/Term
- Refinance Cash Out
Occupancy Types:
- Owner Occupied
Property Types:
- Single Family Home, PUD, and Condos
- Duplex
- Triplex
- Fourplex
Please select one of the following:
Matrix
This is your resource center, and we need your help to keep this employee center updated. Please feel free to give us your suggestions or report if any item(s) needs updating/correction by clicking on cases link on the right.