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A reverse mortgage is a type of loan that permits and grants homeowners ages 62 and older, who’ve paid off their mortgage, to borrow part of their home’s equity as tax-free income.
Unlike a regular mortgage in which the homeowner makes payments to the lender, with a reverse mortgage, the lender pays the homeowner. Furthermore, Homeowners usually receive higher principal limits the older they are and the more the property is worth, the lower the interest rate will be.
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In no-income-verification mortgages, lenders do not require applicants to verify or document their source of income. Other names for these mortgages include “stated-income” loans and “no-doc” or “alt-doc” loans, however they all fall under the same umbrella description with only slight differences.
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A reverse mortgage is a loan that allows homeowners to borrow against the equity in their home without having to sell it. This type of mortgage can be a great option for seniors who are looking for ways to supplement their income in retirement. In this blog post, we will discuss jumbo reverse mortgages. We will outline the benefits of this type of mortgage and answer some common questions about them. If you are considering a reverse mortgage, this blog post is for you!
Reverse mortgages are loans that are available to homeowners who are 62 years of age or older.
These loans allow homeowners to borrow against the equity in their home without having to make monthly mortgage payments. The loan is repaid when the borrower dies, sells the home, or moves out of the home.
Private reverse mortgages are offered by private lenders and are not insured by the government.
Government-insured reverse mortgages, also known as Home Equity Conversion Mortgages (HECMs), are insured by the Federal Housing Administration (FHA).
No matter which type of reverse mortgage you choose, the loan will not have to be repaid until the borrower dies, sells the home, or moves out of the home.
The amount that a borrower can receive from a reverse mortgage depends on the value of their home, their age, and the interest rate.
For example, a 65-year-old borrower with a home worth $300,000 could get a loan for $150,000.
The amount that a borrower can receive from a reverse mortgage in the first year is limited to 60% of the loan’s principal.
For example, if a borrower takes out a loan for $100,000, they would be able to receive $60,000 in the first year.
The amount of equity needed for a reverse mortgage depends on the borrower’s age and the value of their home.
For example, a 70-year-old borrower with a home worth $300,000 would need 50% equity to qualify for a reverse mortgage.
A jumbo reverse mortgage loan-to-value (LTV) is a loan that allows homeowners to borrow up to 100% of the value of their home.
For example, if a borrower has a home worth $800,000, they could get a loan for $800,000.