Let Maine Mortgage Solutions help you to explore your potential options using your home’s equity for a reverse mortgage. We have extensive knowledge of these programs and are available to help you every step of the way!
Reverse mortgage programs are designed for borrowers aged 62 or older with a healthy home equity, who reside in the property as their primary residence for at least 6 months of the year.
A reverse mortgage allows you to convert your home equity into cash. You have put in years of hard work and money into your home. Now it is time to let the cash equity in your home to work for you. The Home Equity Conversion Mortgage (HECM) is a reverse mortgage program insured by FHA. There are many reasons to consider a reverse mortgage. A reverse mortgage allows you to have the option to have the extra finances to supplement your retirement income, assist in medical expenses, assist with home repairs, property taxes, unexpected costs, and more. You do not need to have a current income to qualify for this loan. A reverse mortgage allows you to continue to own your home and continue to reside within the property without the monthly stress of managing a mortgage payment.
You can select from multiple options for accessing your cash equity-a line of credit, a fixed monthly amount, a lump sum up front, or a mix of multiple options. This mortgage program is not a second mortgage or a home equity line of credit so there are no interest payments or monthly principals. Its the borrowers responsibility to continue to pay property taxes, insurance, maintain the home and otherwise adhere to the loan terms.