Essentially a home loan with four distinct advantages:
1. There is no income or credit score qualification.
2. It offers a very attractive interest rate.
3. It gives the flexibility of making or not making monthly payments.
4. Receive a one time “lump sum payment” or line of credit.A reverse mortgage does not affect Social Security or Medicare/Medicaid benefits, the proceeds or monthly income is tax-free and can be used for any purpose, and most importantly, the title remains in your name.
HOW DOES THE PROCESS WORK?
As a federally regulated, sponsored and insured loan, the government requires several steps. The first step is to meet with Maine’s Reverse Mortgage Expert to discuss your situation and qualifications. The second is to speak with a HUD qualified counselor to educate and ensure your understanding of the loan. The third step is completing an application along with a home appraisal, and if qualified the loan may close in approximately 30 days.
Call a Reverse Mortgage Broker Today at 207-450-4707 for more information.