Many people have heard of the term “Reverse Mortgage”, but do not actually know what it is. Well, if you are over the age of 62, and feel like Tom Selleck didn’t accurately explain what the Sam Hill a Reverse Mortgage actually is, you’re not alone! We have many clients who reach out to us and are interested in a Reverse Mortgage, but usually only know the big points of:
- I have to be 62 years of age or older
- I don’t have to make a mortgage payment for the rest of my life.
However, other than that, they need more information! Well, we don’t want you to sit here and read a novel, but just know that we are not like other companies when it comes to reverse mortgages here. No predatory lending, no selling you on products that do not make sense, and no signing documents before you know what is going on. Some of the things we cover prior to the Reverse Mortgage process are:
- A financial assessment of our clients to check their capacity to pay the taxes, insurance, and ongoing maintenance of the property
- Reverse Mortgage Counseling to establish competency and comprehension of the programs
- Finally, we make sure their spouses and next of kin understand they are protected if their spouse or parent takes out this reverse mortgage.
Whether you own your home or are buying a home, a reverse mortgage could be the right product for you!