|
|
|
1. HOW IT WORKS |
| What you need to know
|
|
READ MORE |
|
|
2. QUOTE CALCULATOR
|
| How much you can get |
|
READ MORE |
|
|
3. REQUEST INFO & DVD
|
|
Review your options |
|
READ MORE |
|
|
|
|
|
|
Compare Reverse Mortgages to Refinance and
Home Equity Loans
| Loan Attributes |
Refinance Mortgage |
Home Equity Loan or Line |
Reverse
mortgage |
|
Home Ownership |
X |
X |
X |
A common misconception. The
bank does not own your home. You retain title. |
|
Income Qualification |
X |
X |
No |
Loan is based on
market value of home. No income is needed. |
|
Credit Verification |
X |
X |
No |
Age and property are
the only lending criteria. Credit, income, and
negotiating skills are not factors. |
|
Monthly Loan Repayments |
X |
X |
No |
Reverse
mortgages are not due for repayment until the
property is no longer occupied and you can never
owe more than the value of your home. |
|
Pre-Payment Penalty |
X |
X |
No |
You, or your estate
repay the reverse loan in one payment, when the
property is no longer occupied. Reverses offer
you a far longer period than forward mortgages
to settle your estate, usually 6 months. |
|
Home Loss |
Possibly |
Possibly |
No |
With other
loans foreclosure is a risk, but not with a
reverse mortgage. Your home cannot be taken from
you, if you pay your property taxes and you live
in it at least 6 months a year. No matter what.
It's the law. |
| Property
Appraisal |
X |
Not
typically |
X |
Appraisal
is key since you're borrowing against your
property's market value. |
| Time to
Cash |
20 to 45
days |
14 to 20
days |
|
40 to
60 days |
|
|
|
|
|
|
|
|
|
| powered by:
Quadrant Technology, LLC |
|
