About Reverse Mortgages A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is reversed. Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you. Below are some common questions asked by consumers about reverse mortgages. What are my payment plan options? You can choose to receive the money from a reverse mortgage all at once as a lump sum, fixed monthly payments either for a set term or for as long as you live in the home, as a line of credit, or a combination of these. The most popular option ? chosen by more than 60 percent of borrowers ? is the line of credit, which allows you to draw on the loan proceeds at any time. My understanding is that the unused balance in the Line of Credit option has a growth feature. Does that mean I'm earning interest? No, you're not earning interest like you do with a savings account. The growth factor takes into consideration that your home has appreciated in value over the past 12 months and that you are one year older. How much money will I get? No matter which reverse mortgage product you choose, the amount of funds you are eligible to receive depends on your age (or the age of the youngest spouse in the case of couples), appraised home value, current interest rates, and the lending limit in your area. In general, the older you are and the more valuable your home (and the less you owe on your home), the more money you can get. Does my home qualify? Eligible property types include single-family homes, 2-4 unit properties, manufactured homes (built after June 1976), condominiums, and townhouses. In general, co-ops are not allowed. How can I use the proceeds from a Reverse Mortgage? The proceeds from a reverse mortgage can be used for anything, whether its to supplement retirement income to cover daily living expenses, repair or modify your home (i.e., widening halls or installing a ramp), pay for health care, pay off existing debts, buy a new car or take a "dream" vacation, cover property taxes, and prevent foreclosure. Are there any special requirements to get a Reverse Mortgage? As long as you own a home, are at least 62, and have enough equity in your home, you can get a reverse mortgage. There are no special income or medical requirements.
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English
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$0.00
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Have a pen to take notes on the answers to your questions.
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Company Name:
Peoples Mortgage Inc.
North Fort Myers, FL 33917
Company Description:
Peoples Mortgage, Inc. was founded in 1996 when we recognized a lack of quality mortgage professionals in our industry. Our primary goal is to serve you, our customer.
Our professional mortgage consultants will serve you from start to finish. One, highly experienced consultant will guide you throughout the mortgage loan process.
As a HUD approved lender Peoples Mortgage, Inc. provides a broad range of loan products for your next purchase or refinance including; Government FHA/VA, Conventional, Non-Conforming, Jumbo and Reverse Mortgage loans in Kentucky, Florida, Indiana, Tennessee, and Missouri.
We have built our reputation on providing all clients superior customer service, low interest rates, low closing costs, and expert underwriting.
Quality, thorough training…this is what you can expect from us.
Peoples Mortgage is currently licensed to do business in the following states:
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