Everything You Need To Know About Reverse Mortgages

Posted on March 20, 2018 · Posted in Connecticut Reverse Mortgage

Reverse Mortgage Program

 

 

The Home Equity Conversion Mortgage (HECM) or Reverse Mortgage Program as it is more commonly know can be used for both refinance and purchase transactions.

 

The program is for those over the age of 62 and the property must be a primary residence.

 

The Reverse Mortgage Program allows you to borrow a certain percentage of the homes equity based on the age of the borrower(s).

 

Unlike conventional loans you are not required to make payments on the amount you borrow. You do however need continue to pay the property taxes and the homeowners insurance.

 

With the money you borrower can take it in the following ways:

• Take it as a lump sum.
• Use similar to a line of credit and take when you need it.
• Take a lump some but still have access to remaining funds.

 

You can use the money for any of the following:

• Pay bills
• Home improvements
• Travel
• Medical costs

 

A Reverse Mortgage is a great program for those who are looking to stay in their home but are worried they may not be able to due to rising homeownerships costs.

 

If you have any questions or would like to see if you qualify for a reverse mortgage call me at 860-334-1354 or email craig@northeast-mortgage.com.

 

craig picCraig Thibeau
Senior Loan Officer
North East Financial Middletown, CT
Ph 860-334-1354
NMLS 398576 Company NMLS 117273
craig@northeast-mortgage.com
www.northeast-mortgage.com