Lexington Reverse Mortgage

A reverse mortgage gives seniors sixty-two and older a low rate option to access the equity in their home. The first thing to know about reverse mortgages is that the bank is not taking or buying your home. The last thing the bank needs is another house. You always own and retain title to your proprty. You are simply borrowing againest the equity you have built up over the years. If you sell, permanetly move out, or pass away the balance at that time is due. There is no penalty for early payoff and the difference between what you owe and what it is worth is your money to keep.

The amount of equity or money you can access is based on the interest rate, the youngest borrowers date of birth, and the appraised value of the property. Any mortgage or liens must be paid off at the closing. The difference is available to you in a lump sum, monthly installments, or on a line of credit. You can also do a combination of the three.

Prior to ordering an appraisal or title report all borrowers must complete counseling. After counseling you will receive a certicate that is good for six months. The counseling will let you hear everything again from a HUD approved counseling agency. By the time it is over you will fully understand how the reverse works.

Since every situation is different call us today to start the process of learning more about reverse mortgages and how you can benefit.