FAQ Does a reverse mortgage hurt your credit?
Reverse Mortgage Resource Center - 385-503-2224 - https://reversemortgageresourcecenter.com
Does a reverse mortgage hurt your credit?
No, a reverse mortgage does not hurt your credit score as long as the loan remains in good standing. Because there are no required monthly payments, you'll never get a late payment showing on your credit report. However, if the loan goes into default, that could have an impact on your credit score.
Our team of experts is dedicated to answering any questions and concerns. Give us a call to schedule a no-obligation consultation, and let us show you how a reverse mortgage can benefit you.
Reverse Mortgage Resource Center
11240 River Heights Dr Suite 100
South Jordan, Utah 84095
385-503-2224
https://reversemortgageresourcecenter.com

Reverse Mortgage Resource Center - 385-503-2224 - https://reversemortgageresourcecenter.com
What is a reverse mortgage?
A reverse mortgage is a loan that is specifically designed for people aged 62 or older. It allows the borrower to access home equity and convert it into cash without selling the home or making any additional monthly payments. The loan does not have to be repaid until the homeowner dies, sells the house, or permanently moves out of their residence. Reverse mortgages can come with fixed or variable interest rates and associated closing costs. Borrowers are required to take a HUD approved counseling course before obtaining a reverse mortgage.
Our team of experts is dedicated to answering any questions and concerns. Give us a call to schedule a no-obligation consultation, and let us show you how a reverse mortgage can benefit you.
Reverse Mortgage Resource Center
11240 River Heights Dr Suite 100
South Jordan, Utah 84095
385-503-2224
https://reversemortgageresourcecenter.com

Reverse Mortgage Resource Center - 385-503-2224 - https://reversemortgageresourcecenter.com
Why are fees so high on reverse mortgage?
Reverse mortgages are usually more expensive than traditional mortgages mainly because the FHA Mortgage Insurance Premium is calculated off of the entire value of the home rather than the amount borrowed. Reverse mortgages require more paperwork and documentation than other types of loans. The fees associated with a reverse mortgage are also typically higher due to the additional costs of originating, processing, servicing, and managing the loan.
Our team of experts is dedicated to answering any questions and concerns. Give us a call to schedule a no-obligation consultation, and let us show you how a reverse mortgage can benefit you.
Reverse Mortgage Resource Center
11240 River Heights Dr Suite 100
South Jordan, Utah 84095
385-503-2224
https://reversemortgageresourcecenter.com

Reverse Mortgage Resource Center - 385-503-2224 - https://reversemortgageresourcecenter.com
What happens if you inherit a house with a reverse mortgage?
If you inherit a house with a reverse mortgage, you have several options. You can choose to repay the loan in full, refinance the loan, or sell the home and use the proceeds to pay off the loan. If the balance of the reverse mortgage is higher than the market value of the house, you can simply turn the house over to the lender. Speak with your financial advisor or tax advisor about your individual situation.
Our team of experts is dedicated to answering any questions and concerns. Give us a call to schedule a no-obligation consultation, and let us show you how a reverse mortgage can benefit you.
Reverse Mortgage Resource Center
11240 River Heights Dr Suite 100
South Jordan, Utah 84095
385-503-2224
https://reversemortgageresourcecenter.com

Reverse Mortgage Resource Center - 385-503-2224 - https://reversemortgageresourcecenter.com
Does a reverse mortgage hurt your credit?
No, a reverse mortgage does not hurt your credit score as long as the loan remains in good standing. Because there are no required monthly payments, you'll never get a late payment showing on your credit report. However, if the loan goes into default, that could have an impact on your credit score.
Our team of experts is dedicated to answering any questions and concerns. Give us a call to schedule a no-obligation consultation, and let us show you how a reverse mortgage can benefit you.
Reverse Mortgage Resource Center
11240 River Heights Dr Suite 100
South Jordan, Utah 84095
385-503-2224
https://reversemortgageresourcecenter.com
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