What is a Reverse Mortgage?
A reverse mortgage loan is designed to offer seniors maximum financial flexibility, and to put their home equity to work for them. Many companies offer a reverse mortgage, but at MasonMac, we have experienced LOs who go through extensive training to ensure that when you get a Reverse Mortgage with Mason-McDuffie, you're working with a true expert. For many seniors, a reverse mortgage is a wonderful way to increase cash flow by accessing the equity available and built over the years in their home.
While a reverse mortgage is a great loan option for many, not everyone qualifies, and there are often many questions that an applicant has. For that reason, we stress reaching out with one of our reverse mortgage certified loan officers.
Reverse Mortagage FAQ's
Can someone under the age 62 qualify?
To qualify for a reverse mortgage, an applicant must be 62 years of age or older. However, a non-borrowing spouse may be under 62 years of age.
What do I need to qualify?
While qualifying for a reverse mortgage isn't a tedious process when working with a Mason-McDuffie Reverse Mortgage Expert, there is a financial assessment to ensure a borrower can meet obligations on their home such as insurance premiums and real estate taxes.
Does the bank own my home?
This is a common misconception about reverse mortgages. Reverse Mortgage borrowers are the owners of their home. The reverse mortgage loan is secured against a borrower's home the same way a normal mortgage would be, but as long as a borrower complies with loan terms, the home is theirs.
Does a Reverse Mortgage Affect Retirement Benefits?
Benefits like social security and pension are not affected by a reverse mortgage since the proceeds from a reverse mortgage are considered loan proceeds and not income. Often, a reverse mortgage can even be used to delay drawing on social security, which could help boost lifetime retirement income.
Questions about a reverse mortgage? Ask an expert to get some fast answers about a reverse mortgage or anything else mortgage related by clicking here.