Rilian Ball

First Capital Group

  • Home
  • About
  • Main Website
  • Get a Quote
  • Apply
  • Contact

Mortgage Tips: Answers to 4 Common Questions About Reverse Mortgages

July 25, 2017 by Rilian Ball

Mortgage Tips: Answers to 4 Common Questions About Reverse MortgagesThere are many mortgage products on the market that work for all different kinds of homebuyers, but many people have not heard about reverse mortgages and how they can benefit their situation. If you’re curious about this type of mortgage and want to know more, here are some questions that will get you on the road to understanding the ins-and-outs of this product.

What’s A Reverse Mortgage?

The reverse mortgage was created in the wake of the 2008 recession and is commonly known as HECM, the Home Equity Conversion Mortgage for Purchase. While this mortgage option is beneficial for those who want to use the equity in their home and defer their monthly payments, it’s not a good choice for those who are planning to move in the short-term future.

Who Can Qualify?

Since a reverse mortgage allows the homeowner to tap into the equity that they’ve already accumulated in their home, they need to have a high amount of their mortgage paid off. They must also be 62 years of age or older in order to qualify. In addition, they should have a solid financial history so lenders will be assured they have the ability to pay insurance and property taxes.

What’s Required To Apply?

Like all mortgage products, a reverse mortgage is a type of loan so you’ll need to apply for it. In order to do this, you’ll need proper identification, address verification and proof that you’ve met with a professional to ensure this is the right choice for you. In addition, you’ll need to prove that you can make the monthly insurance and property tax payments and you’ll have to provide financial documentation to ensure that you’re a good credit risk.

Should I Choose A Reverse Mortgage?

A reverse mortgage can be beneficial if you want to forego monthly payments, but it’s worth knowing that this mortgage will be payable in the event that you decide to sell the home or pass away. It’s also important to be aware that interest can accrue on the home since you’ll be deferring monthly payments. While this may work for you, it’s important to talk with a mortgage professional before making a final decision.

A reverse mortgage can be an option for those older than 62, but it’s important to be aware of what it entails and what it can do for you before choosing this product. If you’re currently considering your mortgage options, contact your trusted mortgage professionals for more information.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage, Reverse Mortgages

Rilian BallFirst Capital Logo

Rilian Ball


Branch Manager

NMLS # 202687

Call: (559) 697-5322
info@firstcg.com

Browse Articles by Category

Get in Touch!

  • This field is for validation purposes and should be left unchanged.

Search this website

Recent Articles

  • How Much Down Payment Do You Need for a Mortgage When Buying a Home?
  • What To Do When Your Mortgage Loan is Declined
  • Pet-Friendly Mortgages And How Owning Pets Could Affect Your Loan Choices
  • What Your Coffee Habit Can Teach You About Paying Off Your Mortgage Faster

Rilian Ball
NMLS # 202687

Company NMLS: 35960
www.nmlsconsumeraccess.org

Equal Housing Opportunity

Loan Options

  • Fixed Rate Mortgages
  • FHA Home Loan
  • VA Home Loan
  • Jumbo Home Loan
  • USDA Home Loan

Copyright © 2025 · Powered by MySMARTblog

Copyright © 2025 · Genesis Sample Theme on Genesis Framework · WordPress · Log in