Reverse Mortgage

If you are looking for a reverse mortgage, you have come to the right place. Lender411.com is the #1 mortgage resource on the web and will assist you in finding the lowest reverse mortgage rates. Our cutting edge lender search technology matches you up with the most qualified lenders and brokers and saves you thousands of dollars.

When you fill out the above short application, you will soon be contacted by up to 4 lenders from our lender network. We advise you to compare and carefully examine all submitted mortgage quotes in order to get the best interest rates.

A reverse mortgage is a loan that uses the equity in your home to give you money to retire comfortably in your own home. Over the years you've put equity into your home and now is the time to tap into that equity. You can use a reverse mortgage to pay for anything and many seniors use it as a means of having a monthly income.

If you own your home and are over the age of 62, this is a great solution to get money into your pocket using the equity in your home.

Our no-obligation form is quick, easy, and you can find out in minutes what your options are.

General Reverse Mortgage Information

Reverse mortgages are different from regular home mortgages in two important respects:

• To qualify for most reverse mortgage loans, the lender checks your income to see how much you can afford to pay back each month. But with a reverse mortgage loan, you don't have to make monthly repayments. Thus, your income generally has nothing to do with getting a loan or determining the amount of loans.
  
• With most home loans, you can lose your home if you fail to make your monthly repayments. With a reverse mortgage, however, you can't lose your home by failing to make monthly loan payments because you don't have any to make.

Good reverse mortgages merit your consideration if they fit your circumstances. A good reverse mortgage allows you to cost-effectively tap your home's equity and enhance your retirement income. If you have bills to pay, want to buy some new carpeting, need to paint your home, or simply feel like eating out and traveling more, a good reverse mortgage may be your salvation.

Who can get a reverse mortgage?

Of course, reverse mortgages, are not for everyone. As we discuss later, alternatives may better accomplish your goal. Also, not everyone qualifies to take out a reverse mortgage. Specifically, to be eligible for a reverse mortgage loan:

• You must own your home. As a rule, all of the owners must be at least 62 years old.
• Your home generally must be your principal residence - which means that you must live in it more than half the year.
• If you have any debt against your home, you must either pay it off before getting a reverse mortgage or, as most borrowers do, use an immediate cash advance from the reverse mortgage to pay it off.