North Carolina Reverse Mortgage

You can qualify for a North Carolina reverse mortgage if you live in the state and you’re over 62 years of age and you own a home.  You must meet a minimal home equity requirement, but if you have enough, you shouldn’t face any obstacles when trying to take out a reverse mortgage.

Reverse Mortgage North Carolina Information

There are no loans available on the market that are similar to reverse mortgages.  These loans are unlike all other loans.  Reverse mortgages in North Carolina allow you to tap into the equity in your home and turn it into income you can spend on daily purchases or living expenses.

Want to take a nice vacation with your family?  Need to pay for medical bills or senior housing?  Want to help your grandkids through college?  Or do you simply need money to live on?  Any of these costs can be met and taken care of with the funds from a reverse mortgage.  If you’re curious about how one of these unique loans can help you better enjoy your retirement, research the reverse mortgage information provided on this site to help you make a decision.

You can receive the money from your reverse mortgage in a variety of ways.  You can choose one of the following methods.

• A lump sum at the start of the loan period.
• Monthly payments throughout the loan period, until the equity runs out.
• A line of credit opened at the start of the loan period.  The credit does not have to be repaid until the full loan amount is due.

You can also combine more than one method to develop the payout system that will work best for you.

Your lender takes ownership of your home equity at the start of the reverse mortgage.  But your lender does not own your home, as with other mortgages.  The reverse mortgage loan is not secured by your home or property.  You will always own your home, even after a reverse mortgage, unless you move or decide to sell it.

You don’t have to pay back the reverse mortgage debt during your lifetime if you don’t want to.  The debt will pass to your heirs with ownership of the home upon your death.  Your heirs will then need to pay back the debt, but this is typically done by selling the home and turning the funds from the sale over to the lender.  If your heirs wish to keep the home, they can refinance the reverse mortgage into a traditional loan and pay it off again.

If you’re still curious about how all of this works, you can get more information on the HUD”s Frequently Asked Questions page.  Feel free to contact one of our lenders for more information as well.  Professionals are often the best sources of information.

North Carolina Reverse Mortgage Lenders

Make sure you get the best mortgage rate and the lowest fees when you take out your reverse mortgage.  How can you do this?  It’s not hard, but you must be diligent and willing to put in the effort.  Take the time to research four or five local lenders in your part of North Carolina.  Ask them what rates and fees they charge, but don’t pick one to work with yet.  Wait until you’ve spoken with several and know what terms you can get elsewhere.

If you can spare a week or two to conduct this research, you could end up saving thousands of dollars on your reverse mortgage.  For more information about this and about how to apply for a reverse mortgage, read our reverse mortgage checklist.

About North Carolina

North Carolina is the fastest growing state in the nation.  North Carolina has always been known as a textile state, but as more jobs are being transferred overseas, other business sectors have moved in.  This has led to a cultural and financial regeneration.  Charlotte, the largest city in the state,is now the second largest banking center in the United States and is home to Bank of America and Wachovia.  Raleigh, Greensboro, and Durham are other major cities in North Carolina.

The state is home to many retirees and in known for beautiful rural areas, mountains, and forests.  If you’re a senior and you wish to live in the state, you should consider using a reverse mortgage to secure the income you need for retirement.  It’s simple, easy, and gets money into your bank account swiftly.

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