Over the duration of the last decade, the Reverse Mortgage Industry has come under considerable scrutiny due mostly to the confusion and mystery propagated by unethical Mortgage Lenders that preyed upon Senior Citizens, as well as other American Homeowners. Finally, new legislation has been enacted that requires reputable lending institutions to undergo thorough examination by the Federal Housing Administration, as well as offer free counseling to all borrowers seeking to get a Reverse Mortgage.
Here at Trinity Reverse Mortgage, our commitment to helping Seniors has always been at the forefront of our lending practices. We are a licensed Senior Reverse Mortgage Lender with an A Rating with the Better Business Bureau that truly put our borrowers first.
How Does a Reverse Mortgage Work for Seniors?
Through a Reverse Mortgage, the homeowner essentially borrows equity, and, instead of making a monthly payment to the lender, the lender actually makes a monthly payment to the homeowner! The Senior Reverse Mortgage Program has changed over the years, today Seniors have complete control over how they would like to receive money, and how much of the money that they qualify for they would like to receive. Payments can be received by the homeowner in the form of:
- A lump sum (all of the money up front)
- Monthly, provided the homeowner continues to live in the home
- A line of credit – basically a release of lump sums at any time the homeowner would like
- A combination of any of the above!
Reverse Mortgage Qualification
Qualification for a Reverse Mortgage is very, very easy. This Government Regulated Program is available to homeowners age 62 and over. As money is lent against equity, it’s also important that you have some equity built in your home. Here’s a few tips to remember when applying:
- It does not matter what your credit score is currently.
- It does not matter if you are behind on your mortgage.
- Deferred maintenance / repairs to the property may be required.
- Your existing mortgage(s) will be paid off by the Reverse Mortgage.
For more information on Reverse Mortgage for Seniors, please have a look around the Trinity website! We’re happy to offer tons of free articles on Reverse Mortgage to help you, the homeowner. We hope that you choose us as your Reverse Mortgage Lender!
