Join our online community...
 

Clear Lake City - Reverse Mortgage

A reverse mortgage is a loan for senior homeowners that uses a portion of the home’s equity as collateral. The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance. All remaining equity is inherited by the estate. The estate is not personally liable if the home sells for less than the balance of the reverse mortgage. To be eligible for a reverse mortgage, the Federal Housing Administration (FHA) requires that all homeowners be at least age 62. The home must be owned free and clear or all existing liens but be able to be satisfied with the reverse mortgage.

Apply Now!

Information on other types of loans:

Clear Lake City - Conventional Home Mortgage Loan
Clear Lake City - Refinance Loan
Clear Lake City - Home Equity/Cash-Out Loan
Clear Lake City - Jumbo Loans
Clear Lake City - FHA Loans
Clear Lake City - VA Loans