Reverse
Mortgages
 

Are you over 62 years of age? Do you own your own home? Do you need extra income on a monthly basis? Perhaps a reverse mortgage will solve your problem. Reverse Mortgages are a unique mortgage product that can help solve your financial problems.

Here are some common questions folks have about the reverse mortgage process. For more information and a free personal analysis to see if a reverse mortgage is for you, please fill out the contact form here.

DESTROYING THE MYTHS ABOUT REVERSE MORTGAGES

A reverse mortgage is perhaps the most misunderstood mortgage product on the market today. Although more and more senior homeowners are becoming aware of reverse mortgages and the amazing opportunity they represent, many common misunderstandings exist. Here are the five most commonly encountered reverse mortgage “myths”.

Myth: "I turn control of my home over to the bank/lender.”
Reality: The borrower remains on title and in control of their property. Also, there is no prepayment penalty, so they can sell their home at any time.

Myth: "I can't get a reverse mortgage because my income and/or credit won't qualify me. I only have a small retirement income and my credit history is not the best lately.”
Reality: As long as the homeowner is not currently in a bankruptcy, income and credit issues are not considered.

Myth: "I can't get a reverse mortgage because I already have a mortgage on my home".
Reality: The reverse mortgage must be in first lien position. However, as long as there is enough money available from the new reverse mortgage to pay off the existing lien, the borrower can take advantage of this great program.

Myth: "My home needs some work, no reverse mortgage lender will want to lend on my home.”
Reality: In most cases, deferred maintenance can be paid for with the proceeds from the reverse mortgage. A reverse mortgage can actually be a terrific way to get some things done around the house, without increasing your monthly payments.

Myth: "I might leave a balance owing to my children. I don't want to create a problem for them."
Reality: The reverse mortgage is a "no recourse" loan. The heirs to your estate will never be responsible for a balance owing beyond the value of the home.

Click here for more Answers to Common Questions

Contact us NOW for more information

Office: 603-601-0470
8 Fieldstone Est. Newmarket, NH 03857
 Email: info@reversemortgagesne.com
Carteret Mortgage Corporation
Mass License MB3226 - NH License 8078MB - Maine License - CSB8358