IN GOD WE TRUST
HOW DO I QUALIFY?
The amount of money you can get from your home varies for every borrower and depends on the following factors:
● Age of the youngest borrower or eligible non-borrowing spouse.
● The current interest rate plus the margin set by the lender.
● Lesser of appraised value or the FHA lending limit of $822,375.
● Your current mortgage balance and/or any outstanding liens.
There are several ways you can choose to receive payments from a reverse mortgage. Here are the different options:
For adjustable interest rate mortgages, you can select one of the following payment plans:
● Tenure:equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
● Term:equal monthly payments for a fixed period of months selected.
● Line of Credit: unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
● Modified Tenure: combination of line of credit and scheduled monthly payments for as long as you remain in the home.
● Modified Term: combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.
For fixed interest rate mortgages, you will receive the Single Disbursement Lump Sum payment plan:
● Single Disbursement Lump Sum: a single lump sum disbursement at mortgage closing