Are you wondering… what is a Reverse Mortgage?
A Reverse Mortgage is a unique loan and designed for borrowers that are 62 years of age and older. It allows them to access their home equity in the form of monthly income, a line of credit or immediate cash, tax-free, to use for any reason, without ever having to make a mortgage payment on the loan, as long as they live in their home and meet some required criteria.
If you are interested in more information, please contact a Big Valley Mortgage loan officer who can put you in touch with our Reverse Mortgage Division.
Reverse mortgages are loans offered to homeowners who are 62 or older who have equity in their homes. The loan programs allow borrowers to defer payment on the loans until they pass away, sell the home, or move out. Homeowners, however, remain responsible for the payment of taxes, insurance, maintenance, and other items. Nonpayment of these items can lead to a default under the loan terms and ultimate loss of the home. FHA insured reverse mortgages have an up front and ongoing cost; ask your loan officer for details. These materials are not from, nor approved by HUD, FHA, or any governing agency.