Reverse Mortgage Lenders in Las Vegas Nevada
A reverse mortgage is a useful tool to allow Senior Citizens to live financially independent in their own home. By using the equity in your home, you can receive a lump sum of funds, payments ongoing for the rest of your life, a line of credit or a combination of any of these. A borrower can use the equity in their home as a safe and more viable retirement tool.
7 Facts you should know about reverse mortgages:
- Offered to seniors 62 or older
- Requires no payment for the rest of the borrower’s life
- The monies withdrawn are done so tax free because you are drawing out principal and not earning income*
- A reverse mortgage has no effects on taxes or social security*
- You will never owe more than what the home is worth and the lender makes up the difference if you ever do. That is what makes a reverse mortgage a non-recourse loan
- The borrower retains title and the right to transfer to their heirs. If the home is ever sold, the mortgage is repaid and any remaining equity goes to you or your heirs
- There is no pre-payment penalty
And now, reverse mortgages are being offered in a purchase transaction!!!
Reverse Mortgage funds can be used for anything, including:
- Paying off an existing mortgage and other debt
- Long term healthcare and prescription drugs
- Property Taxes
- Home repairs and renovations
- Cash reserves for emergencies
- The list goes on and on...
Reverse Mortgage Qualifications:
- Borrower must be 62 years or older
- No income or employment requirements
- Credit Score does not matter
- Borrower is not allowed to have any federal debt, home may not be in foreclosure and no tax liens allowable, unlimited mortgage lates
- Borrower must agree to keep the property in good condition, pay property taxes and keep up the home owners insurance
- Requires 3rd party counseling by a HUD approved counselor (only 45 min to an hour and we can recommend a HUD approved agency)
- No medical qualifications
Reverse Mortgage Eligible Properties:
- Single Family Residence, Condo, PUD
- Manufactured homes that must be fixed to the ground and built after 6/15/1976
A reverse mortgage is a negative amortizing loan.
*Should always speak to a qualified tax professional.
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Go over the Las Vegas Nevada Reverse Mortgage Rates