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Lorne Harvey

Reverse Mortgage

Thursday, December 27, 2012 - Article by: Lorne Harvey - Premier Mortgage Resources LLC - Message

Benefits of Reverse Mortgage
oSecurity - government insured loan
oAvailability - generally no income or credit score requirements
oPeace of mind - eliminates your monthly mortgage loan payment
oHome ownership - you maintain the exclusive title to your home
oPredictability - repayment obligation is limited to the value of your home, provided you or your heirs decide to sell the home
oEquity growth - you or your heirs receive any remaining equity once loan is repaid

Repaying the Reverse Mortgage
Repayment is not due as long as you live in the home as your primary residence, continue to pay required property taxes and homeowners insurance and maintain the home according to FHA requirements. You or your heirs will not be required to repay more than the value of your home at the time the loan is repaid, even if your loan balance exceeds the value of your home provided you or your heirs decide to sell the home. Best of all, any remaining equity goes to you or your heirs once the loan is repaid.

Visit our website at for information on other types of loans.

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