the reverse mortgage granted depends upon the applicant’s age, the type of reverse mortgage sought, the home’s value, and interest rates. For as long as a reverse mortgage is outstanding, no monthly mortgage payments are required. The loan matures when the borrower no longer occupies the home as a primary residence. This typically
When you first begin to learn about a reverse mortgage and its associated advantages, your initial impression may be that the loan product is "too good to be true."" After all, a key advantage to this loan, designed for homeowners age 62 and older, is that it does not require the borrower to make monthly mortgage payments.
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The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval.
Quicken Loans received the highest score in the J.D. Power 2010 – 2018 (tied in 2017) Primary Mortgage Origination and 2014 – 2018 Primary Mortgage Servicer Studies of customers’ satisfaction with their mortgage sales experience and mortgage servicer company, respectively.
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If you’ve thought about taking a reverse mortgage, be aware that new rules might make it harder for you to qualify Are Reverse Mortgages Helpful or Hazardous? Often considered a loan of last resort for older retirees, reverse mortgages are there for homeowners who worry about outliving their savings