Reserve Mortgage Plus! You can spend the money any way you wish. Supplement retirement income, pay medicial bills. Take a vacation to the sunny tropics or just stay home and enjoy your leisure time.
Your heirs may buy it back if they wish, they have approximately twelve months to repay the balance of the loan. Your heirs can sell the house to pay off the reserve mortgage. After the sale, the remaining balance is inherited by the estate. The estate is not liable if it does not sell for enough to pay off the reserve mortgage. Other investments of the estate cannot be sold off the pay the reserve mortgage.
Requirements in a reserve mortgage:
You and your spouse must be at least 62 years old to get a reverse mortgage. The property must be your primary residence and in good repair. The property must meet with goverment guidelines. The property can be a single family residence, a townhouse, a condo or a multiple family home up to four (4) units.
Others things that has to be done with a reserve mortgage:
You will be required to attend a counseling session to make you better understand the terms of your reserve mortgage. In most areas if you are not able to go to the counseling service they will come to your home or you can do it on your computer There are some up front charges but these may be taken out of your proceeds from the mortgage. Your property must appraise for enough to get a reserve mortgage. You may get a reserve mortgage on your home if you have a mortgage on it but the mortgaged amount cannot be more than 65 percent. You must pay the insurance, taxes and maintain your home in good repair.
Postive thing about a reserve mortgage:
there will be no income limit or a credit check. No house payments as long as you and and your spouse live in the property.
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