Connecticut Reverse Mortgage

If you’re interested in receiving a steady source of reliable income through a Connecticut reverse mortgage, there are many lenders who can assist you.  Retirees over the age of 62 who own homes can get the money they need to cover living expenses and other necessities and costs by tapping into the equity built up in their homes.

Reverse Mortgage Connecticut Information

Reverse mortgage operate differently than other mortgages.  With these loans, you don’t pay any money to the bank.  Rather, the bank pays you.  The money comes from the equity in your home, which is investment money and now readily available to cover day to day expenses.  The lender takes ownership of this equity and provides you with cash that you can have on hand to pay for anything you need.  Many seniors have found this income stream highly valuable and have taken on reverse mortgages in Connecticut.

Money from your reverse mortgage can be put toward medical bills, debts, vacations, food and household items, and more.  You can use it for anything.  It’s a secure, stable source of income pulled directly from your own home.  Try to learn as much as you can before you decide whether to pursue this loan type.  There is plenty of reverse mortgage information on the internet to guide you.

You can arrange virtually any method you want in which to receive the funds from your reverse mortgage.  Take a look at the following options to get started.

• The most common way to receive payments is on a monthly basis, directly from your lender.
• You can also receive all of your equity at once as a lump sum payment.
• You can open a line of credit tied to your equity that allows you to use your money as you need it.

Any combination of these options can be arranged as well.  You could, for example, take out half your equity as a lump sum and then arrange to receive the remaining half on a monthly basis.

As mentioned above, your lender will own your home equity as a result of the reverse mortgage.  But you don’t need to worry about losing your home.  Your lender doesn’t own your home.  You can freely remain in your home without making any further payments for the rest of your life.  Even once the equity runs out, the bank still has no control of the title or deed of your home and you’re not required to pay back the mortgage amount.

You will have to pay it all back if you move into a new home, however.  When you pass away, your heirs will be required to pay it back.  But they will only have to pay back up to the amount of value in the home you pass on to them, ensuring that whoever inherits your estate won’t have to deal with any unpaid debt.  Your heirs can simply sell the home and turn the money over to the lender.

The HUD provides a useful Frequently Asked Questions page that outlines additional facts about the reverse mortgage process.  The best way to gain more information or to get your questions answered is to contact one of our lenders.

Connecticut Reverse Mortgage Lenders

Any lender you contact to provide you with a reverse mortgage will offer you a specific mortgage rate and give you information about the fees involved.  But all lenders offer different rates on their mortgages.  This is true of any loan you take out.  As a result, you need to make sure you’ve done some research and found the lender who can offer you the lowest mortgage rates.

The fees associated with reverse mortgages can be very expensive if you don’t get a good lender.  Origination fees and closing costs add up fast.  Ask at least four or five different lenders what fees they charge before deciding which one to work with.  For more information about the application process, see our reverse mortgage checklist.

About Connecticut

Connecticut is one of the wealthiest states in the nation and has made many significant contributions both to the industrial sector and the business services sector.  The state is known for high employment and business opportunities.

Connecticut reverse mortgages have been used by many seniors and retirees in the state.  Cities such as Bridgeport, Hartford, Stamford, New Haven, Waterbury, and others are home to a high number of homeowners who are close to or ready for retirement.  If you’re one of them, consider using a reverse mortgage to provide you the income you need to live out the best years of your life comfortably.

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