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Reverse Mortgage Options in Connecticut

Posted on August 18, 2017 · Posted in Connecticut Reverse Mortgage

Reverse Mortgage Options

 

A reverse mortgage is a loan for those over the age of 62 who would like to tap into the equity in their home to use pay for home improvements, payoff an existing mortgage, pay for health care costs, and etc. The biggest difference between a reverse mortgage and a typical “forward” mortgage is monthly payments are not required.

 

To qualify for a reverse mortgage:

 

  • Be 62 years or older

  • Occupy the house as your primary residence

  • Have “equity” in your home

 

Most reverse mortgage programs are not qualified using credit scores or income thus allowing more flexibility in qualifying applicants being approved.

 

Those who are interested in applying for a reverse mortgage will need to take a counseling course that goes over the reverse mortgage program. This is so they understand what the costs of the program are and what the mortgage entails.

 

If you are interested in finding out more about reverse mortgages 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

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