| 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 reverse mortgage quotes in order to get the best interest rates.
A reverse mortgage is a loan against your home that you don’t have to replay as long as you live there. In a regular or so-call forward mortgage, your monthly loan repayments make your debt go down over time until you’ve paid it all off. Meanwhile, your equity is rising as you repay your mortgage and as your property value appreciates.
With a reverse mortgage loan, conversely, the reverse mortgage lender sends you money and your debt grows larger and larger as you keep getting cash advances, make no repayment, and interest is added to the loan balance (the amount you owe). That’s why reverse mortgages are called rising debt, falling equity loans. As your debt (the amount you owe) grows larger, your equity (that is, your home’s value minus any debt against it) generally gets smaller.
Here’s another way to think of it. In a forward mortgage, you use debt to turn your income into equity. In a reverse mortgage, you use debt to turn your equity into income. You are reversing the deal you used to buy your home. Then, you had income and wanted equity. Now you have equity and want income. In both cases, you use debt to turn what you have in to what you want.
Our no-obligation form is quick, easy, and you can find out in minutes if you will qualify or not.
| 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.
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| 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.
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