Reverse Mortgage Lending in Connecticut

Posted on February 3, 2016 · Posted in Connecticut Reverse Mortgage

Reverse Mortgage Options in Connecticut

 

Reverse Mortgages are designed for people over the age of 62 and own a home or are looking to buy.  The reverse mortgage program is insured by FHA and is referred to as the Home Equity Conversion Mortgage or HECM.

 

The amount of money you can receive is base on two factors:

  1. Your age. The older you are the more money you might be able to borrow.
  2. The value of your home.

 

The main difference between a conventional or “forward” mortgage and a reverse mortgage is with a conventional mortgage you make mortgage payments every month until the loan is paid off or you sell your house.  With a reverse mortgage payments are not made.  In fact you could possible receive money each month from the equity in your property.  Taxes and insurance still need to paid by the homeowner.

 

A misconception with reverse mortgages is the bank or lender will eventually own my house.  In fact this is not true.  When the last person over 62 leaves the home they or the estate can either refinance and payoff the loan or sell the property.  For those over the age of 62 who have equity and need a little extra money each month the reverse mortgage program could be right for you if you have any questions please do not hesitate to reach out to me.

 

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