What is Reverse Mortgage?

A reverse mortgage is a low interest loan for older homeowners (aged 62 and up) which uses the home’s equity as collateral. It gives the homeowner the ability to convert part of their home’s equity into tax-free cash without having to sell the home, give up the title, or create a new monthly payment. The loan does not have to be repaid until the homeowner moves or passes away. At that time the estate has one year to repay the balance of the reverse mortgage, which they can do by selling the home.

If you are facing financial hardship mortgage modification can help you get your finances in order without losing your home. Contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. today at 443-546-4608 to learn more about your options and get the professional assistance you need and deserve.

Who Qualifies for Reverse Mortgage

There are some qualifications that must be met in order to be eligible to apply for a reverse mortgage service. These include:

• The applicant must be age 62 or over.
• The home must be owned free and clear or have a mortgage balance of no more than 65% of the home’s value.
• Almost any home qualifies, but if the home is a mobile home it must have been built within the last 30 years and it must be on owned property, with a permanent foundation, and it must meet PHA inspection.

These are the qualifications that must be met in order to apply for a reverse mortgage. There are no income or credit requirements for a reverse mortgage.

Contact Us

When you face financial hardship and the loss of your home it can be difficult to know what steps to take next. Getting the support and assistance of an experience professional can be a tremendous aid. Contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. today at 443-546-4608 to speak to a friendly legal professional about your situation.