Below are some Common Questions specific to the HECM’s.
Commonly Asked Questions
With a second mortgage, or a home equity line of credit, borrowers must have adequate income to qualify for the loan and make monthly payments. A reverse mortgage loan is different, because it pays you – there are no monthly principal and interest payments. With a reverse mortgage loan, you are only required to pay real estate taxes, property insurance, utilities and general property maintenance.
Give me a call. We’ll schedule an appointment either in person or over the phone to review your current finances and potential needs (short term and long term) then discuss available options. If you prefer, you can email me at [email protected] and request an appointment.
There are three viable options for repayment. Sell the property, refinance the loan or pay off the loan using a personal account.