Great Article on Reverse Mortgage. There are a few great points and a checklist for you to see if this product will work for you.
Here’s a quick guide to using a reverse mortgage:
• You, and your co-owner if you have one, must be age 62 or older in order to qualify for a reverse mortgage. You must pay off any existing mortgages either before or as part of the transaction of acquiring a reverse mortgage.
• The amount of money you can get depends on several factors including your age, the value of your home, and the current mortgage interest rates. A good rule of thumb is 50 percent to 60 percent of your home’s appraised value. An FHA appraisal is required.
Contact Jamie Nummer from Somerset Lending to find out more about if this is a mortgage tool for you!
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