The Home Ownership Assistance Program staff provides valuable information to senior homeowners who are interested in a Reverse Mortgage. A Reverse Mortgage is a loan against home equity (not income) providing cash advances to a homeowner/borrower age 62 and over, and requiring no repayment until a future time.
Home Equity - the value of a home minus any debt against it
Cash Advances - also known as loan advances, payments, or disbursements
- may be a single "lump sum"
- a series of periodic advances
- a "line of credit"
- any combination - lump sum at closing, then so much per month plus line of credit
Repayment of principle, interest, and loan fees is not required in most Reverse Mortgages until:
- borrower dies
- sells the home
- permanently moves away
For information, call: 303.739.7914