FAQ How does a reverse mortgage work?
Reverse Mortgage Resource Center - 385-503-2224 - https://reversemortgageresourcecenter.com
How does a reverse mortgage work?
A reverse mortgage works by allowing a homeowner to borrow money against the equity in their home. The loan does not need to be repaid until the homeowner dies, sells the home, or permanently moves out. The loan amount is based on the age of the borrower and the value of the home. Borrowers must also meet certain eligibility requirements set by the lender. The borrower is not obligated to make monthly mortgage payments, instead, the interest due on the loan accrues. Homeowners are still responsible for paying taxes and insurance on their property.
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
Who pays back a reverse mortgage?
A reverse mortgage is a loan that is repaid when the borrower passes away, sells the home, or moves out permanently. The loan is typically paid back from the proceeds of the sale of the home or refinancing the loan. If the balance of the loan is higher than the value of the home, you can turn the home over to the lender to satisfy 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 disqualifies you from getting a reverse mortgage?
Generally, you must be at least 62 years old and have significant equity in your home to qualify for a reverse mortgage. You must also be able to pay ongoing property taxes, insurance, and other related costs. Other disqualifying factors include having a delinquent federal debt, recent foreclosure or other deragatory mortgage related debt, or not occupying the home as your primary residence.
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 when you have a reverse mortgage and the owner dies?
When the owner of a reverse mortgage passes away, the loan must be paid off. If the beneficiaries want to keep the house, they can refinance the loan, or use other assets to repay the loan. If they don't want to keep the house, they can sell it. If the market value of the house is less than what is owed on the reverse mortgage loan, the property can be returned to the lender without any recourse. The heirs are not responsible for repaying any remaining balance on 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
How does a reverse mortgage work?
A reverse mortgage works by allowing a homeowner to borrow money against the equity in their home. The loan does not need to be repaid until the homeowner dies, sells the home, or permanently moves out. The loan amount is based on the age of the borrower and the value of the home. Borrowers must also meet certain eligibility requirements set by the lender. The borrower is not obligated to make monthly mortgage payments, instead, the interest due on the loan accrues. Homeowners are still responsible for paying taxes and insurance on their property.
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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