Reverse Mortgage Overview
A Reverse Mortgage is a home loan that enables homeowners who are at least 62 years old to convert some of their home equity into cash, a line of credit, or to finance a home purchase with the freedon of no monthly mortgage payments. The borrowers continue to live in and own their home. Kara Davis of Crew Lending is a leading provider of Reverse Mortgages in Lake Charles, Westlake can Sulphur Louisiana and throughout the entire state. Contact Kara Davis today at 337-842-0115.
Am I Eligible for a Reverse Mortgage?
- All titleholders must be age 62 or older
- The home must be the borrowers’ primary residence.
- The home must meet Federal Housing Authority (FHA) minimum property standards.
- The borrower must have sufficient home equity.
Call Kara Davis at 337-842-0115 or click here for more information on a Reverse Mortgage.
Will the Bank Own My Home?
A Reverse Mortgage may help you plan for a more comfortable retirement, lived with greater financial independence- and YOU still own your home. Just like a traditional mortgage, as long as the terms of the loan are met, the borrowers retain full homeownership and may sell the home at any time.
How Much Money Can I Get?
In a Reverse Mortgage, the amount of money you can get is determined by these factors:
- The age of the youngest borrower or eligible Non-Borrowing Spouse
- Your home value
- The amount of equity in your home
- FHA Lending limits
- The current interest rate
- The Reverse Mortgage product and payment you choose
For more information on Reverse Mortgage products call Kara Davis at 337-842-0115.
What are the Costs Associated with a Reverse Mortgage?
In addition to interest, costs associated with a Reverse Mortgage can include a property appraisal fee, origination fee, closing costs, mortgage insurance premium, servicing fee and a modest charge for the Reverse Mortgage counseling. While closing costs vary based on the type and size of the loan, they are the same as those for any traditional mortgage. You can roll most of the up-front costs into the loan, so out-of-pocket expenses can be minimized.
Does a Reverse Mortgage Have to be Repaid?
Unlike a traditional home mortgage, a reverse mortgage does not have to be repaid until the last surviving borrower or an eligible Non-Borrowing Spouse (if applicable) no longer lives in the home or the home is sold. If the borrower does not meet loan obligations such as taxes and insurance, and maintaining the condition of the home, then the loan will need to be repaid.
Work with a Qualified Reverse Mortgage Lender
Kara Davis of Crew Lending is happy to help her clients with all of their Reverse Mortgage needs in Sulphur, Westlake, Lake Charles and the entirety of Louisiana. For those looking for a Reverse Mortgage, Kara Davis can help! Click here or call 337-842-0115 with any questions you hae on a Reverse Mortgage and how to get qualified!