by stuart.gelin@amerifund.com | Apr 21, 2022
A reverse mortgage loan comes due not based on a predetermined timeframe, but based on “maturity events.” These include the following: The property is no longer the primary residence of at least one borrower The last borrower fails to occupy the property...
by stuart.gelin@amerifund.com | Apr 5, 2022
All of our reverse mortgages are non-recourse. This means that even if the loan balance exceeds the value of the home at the time the balance is due, you or your heirs will not owe more than the value of the home. This is why FHA collects mortgage insurance premiums....
by stuart.gelin@amerifund.com | Apr 5, 2022
While there is no regular mortgage payment required, you will have certain regular costs that are obligatory. These include all property charges such as property taxes, homeowner’s insurance, any HOA payments, all maintenance costs, etc. Although not required,...
by stuart.gelin@amerifund.com | Apr 5, 2022
There are several factors which are considered when determining loan proceeds for a reverse mortgage. Age is a factor, so an older borrower will generally receive a larger amount compared to a younger one, holding other variables constant. Other factors include the...
by stuart.gelin@amerifund.com | Apr 5, 2022
You will continue to own the property throughout the life of the loan. When the loan becomes due, you or your heirs can choose to sell the home to repay the loan balance, pay the balance due out of pocket, or refinance the home to pay off the loan balance.
