You’ve worked all your life to pay for your home, the children are grown and gone and now, you want to slow down. One day, while watching television, you saw an advertisement about other seniors choosing a reverse mortgage and you want to look into the details of it, what the cost is and just what it entails.
For those who have already received a Reverse Mortgage in Newport News, 93% say they are very satisfied with the results. If you aren’t sure just what a reverse mortgage is, it’s not difficult when you think it through. Through the years, your home has increased in value many times. What started out as a home purchased long ago for $30,000 has most likely been renovated, improved upon, possibly an addition added on, including landscaping, a new garage, roof, windows, etc. When a client applies for this type of mortgage, based on what the home is appraised for, that client can begin to receive a monthly check. Of course, any monies received have interest charges that accrue and compound.
One of the best things about a Reverse Mortgage in Newport News is that both spouses will have a place to live forever until the last spouse passes on. They will never lose their home and the loan doesn’t need to be repaid until both spouses are deceased. Anyone wishing to apply for a reversed mortgage will have to go through six counseling sessions in order for the counselor to explain other options that are available to applicants and if this mortgage is actually in their best interests.
If the home is appraised at a lower amount than what you owe, you would have to come up with the funds to pay it off before taking out this type of mortgage. By doing this, though, you would have no monthly house payments and could use that money for other needs. If you’ve been wanting to leave your home to your children, it’s wise to note that they would have to sell the home to pay off the amount that has been utilized for your monthly needs, plus interest. Your counselor will go over all of this information with you.
