Reverse mortgages are non-recourse loans. That means, if the property is sold to payoff the loan when the homeowner passes away or decides to leave the home for other reasons, the reverse mortgage debt will be paid off using the proceeds from the sale. In this scenario, the maximum amount owed will be the current market value of the house. Should the homeowner’s heirs want to keep the home, they would pay the balance in full to the reverse mortgage lender.
Reverse mortgages have no time limit on how long seniors can stay in their homes. Since homeowners still own the property, lenders cannot evict them, provided they follow the program.
- A reverse mortgage allows homeowners aged 62 or older to convert home equity into cash.
- Keep your home! You retain title*
- Make no monthly mortgage payments (if any previously)*
- The HECM (Home Equity Conversion Mortgage) is FHA (Federal Housing Administration) Insured
*Homeowner continues to live in home, pay insurance and property taxes and keep the home in good repair.
Reverse Mortgage Eligibility Requirements
- Age 62 years or older
- Must have considerable home equity
- Home must be primary residence
- Home meets minimum FHA property standards guidelines.
Reverse Mortgage Loan Repayment
Loan is re-paid when the last surviving borrower sells, moves or passes away, or you may choose to pay off the loan early. The note will provide additional information regarding events of default. When you move out of your home, your estate has 3 to 12 months to repay the loan.
Reverse Mortgage Basic Borrower Responsibilities
- Pay property taxes on time
- Keep homeowner insurance(s) current
- Maintain home in good repair
- Must continue to live in home
We serve these and other areas in New England:
- Reverse Mortgage RI
- Reverse Mortgage Providence, RI
- Reverse Mortgage Jamestown, RI
- Reverse Mortgage East Greenwich, RI
- Reverse Mortgage Barrington, RI
- Reverse Mortgage Little Compton, RI
- Reverse Mortgage New Shoreham, RI
- Reverse Mortgage Cumberland, RI
- Reverse Mortgage Narragansett, RI
- Reverse Mortgage Portsmouth, RI
Contact us today!
- Call toll free (866)301-2300
- Send us a message
About Family Financial Group
Family Financial Group, Inc. is a family owned and operated business. We have over 35 years of experience in residential and commercial lending, mortgage banking, and financial advising. With competitive rates and programs, you are our first priority.
You see... at FFG, we treat our clients like family.