Reverse Mortgage Overview

A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash.

 

The loan concept was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. However, there is no restriction how reverse mortgage proceeds can be used.

The loan is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower.

 

The borrower is not required to pay back the loan until the home is sold or otherwise vacated.  As long as the borrower lives in the home he or she is not required to make any monthly payments towards the loan balance. The borrower must remain current on property taxes, homeowners insurance and homeowners association dues (if applicable).

Want Us To Mail You

Reverse Mortgage Information?

If you would rather look over a packet of papers in the comfort of your home to best discover your reverse mortgage options please click on the link and we’ll mail (at no cost to you) a reverse mortgage packet to review.

RECEIVE A MAILED PACKET >

 

 

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Credit products offered by AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. are subject to normal credit approval and program guidelines. Rates, and terms are based on creditworthiness and subject to change, additional documentation may be required. Application is subject to approval. Some restrictions and fees may apply.

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Want Us To Mail You

Reverse Mortgage Information?

If you would rather look over a packet of papers in the comfort of your home to best discover your reverse mortgage options please click on the link and we’ll mail (at no cost to you) a reverse mortgage packet to review.

RECEIVE A MAILED PACKET >