Reverse mortgage lenders put no time limit on how long you can stay in your home. You still own your home, you cannot be evicted, as long as you continue to maintain your home and pay the property taxes and insurance fees.
As a consumer, you should make sure you are dealing with a Reverse Mortgage company who is a member of the National Reverse Mortgage Lenders Association (NRMLA) which has a code of conduct that lenders must abide by. Our goal is to help you make the most out of your retirement. We will help you decide which reverse mortgage program will work best for your situation. We want you to be knowledgeable about the process and able to make the most of the reverse mortgage program.
Seniors from all different income levels decide a reverse mortgage is right for them every day. For some seniors it is a way to eliminate their monthly mortgage payment and have more financial freedom. For others it is a way to have a financial cushion for those unexpected bills. Some seniors are able to live their retirement more comfortably, and with little worry about how they will make ends meet. A Reverse Mortgage is not designed for one particular person; it’s for any senior looking to make the most out of their retirement.
Reverse mortgage are non-recourse loans. That means if the family or heirs wish to keep the home and the balance is more than the home’s value they would only have to pay 95% of the appraised value to keep the home. If they owe LESS than the value of the home, they would pay the full balance.
It is your home, it is your money! You can spend your tax-free money from your Reverse Mortgage any way you would like.
Reverse Freedom Mortgage
9089 S 1300 W STE #110
West Jordan, UT 84088