For seniors and retirees, one of the most stressful things to think about is what your next source of income will be. It can be difficult if your retirement savings don’t pan out as far as you would have liked. Well, for long-term homeowners, there is a helpful solution. Reverse mortgages are a great option for seniors over 62 to borrow a sum of money based on their home’s value. Discover what a reverse mortgage loan is and how Bluepoint Mortgage can help you borrow that money.
A reverse mortgage is a loan. This loan allows a homeowner to borrow money against the value of their home. For approval, the borrower must be over the age of 62 and have a significant amount of home equity. Lenders must build the transaction, making sure the loan amount does not exceed the home’s value. The borrower can receive these funds as a lump sum, fixed monthly payment, or line of credit.
Reverse mortgages do not require the buyer to make monthly payments. However, the borrower must pay back the entire loan balance when he or she passes away, moves out permanently, or sells the home.
If you’re interested in getting approved for a reverse mortgage loan, call Bluepoint Mortgage for a consultation today. We can help educate you on this type of loan and share your options for approval.
Our team members at Bluepoint Mortgage are educated on all the types of reverse mortgage loans. We can discuss your options, like Standard Home Equity Conversion Mortgages (HECM), Single Purpose Reverse Mortgages, Proprietary Reverse Mortgages, and more. We’ll help find a solution specific to your situation.
After we discuss your options for the type of reverse mortgage you qualify for, we will go over the loan eligibility requirements. The most crucial requirement is that the borrower is at least 62 years old. The borrower must live in their home as their primary residence and have a considerable amount of home equity.
You must meet the financial eligibility requirements mapped out by the US Department of Housing and Urban Development (HUD). The amount you can borrow is based on a calculation from the Federal Housing Administration and considers factors like the age of the youngest homeowner, the value of the home, the existing balance on the mortgage, and interest rates.
Sound intimidating? The experts at Bluepoint Mortgage are here to help you navigate through these terms and requirements so you can rest easy.
When you need assistance and guidance on your mortgage loans, Bluepoint Mortgage is here for you. Our expert and knowledgeable brokers will explain your options and find the best solution for you. Contact us today.