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Reverse Mortgage

What is a reverse mortgage?

A reverse mortgage is an FHA-insured loan on the equity of your home, you do not have to make any payments for as long as you live in the home.

Who Qualifies?

Anyone 62 years of age or older who owns a home can qualify. Your income and credit are not used in the approval process.

Can I get cash out of my home or eliminate my mortgage payment?

An appraiser will come to your home to determine it's current market value. Based on the value you will receive a percentage of the equity in the home, either to pay off an existing mortgage or take out cash from your home to be used as you wish.

How long does it take?

Normally, it can take 4 to 8 weeks to complete a reverse mortgage.

Do we pay closing cost?

The closing cost are rolled into the loan, so they are paid out of the equity in your home.

How is a reverse mortgage paid back?

After a person or person's pass away, the home is normally left to heirs. They either sell the home to pay off the mortgage and if there is anything left it will go to them or refinance and pay off the mortgage that way if they wish to keep the property.

If you are considering a reverse mortgage an appraisal will be done on your property. Many times the appraisal is ordered through the bank or mortgage company you are working with. Some lender's allow you to pick your appraiser. If this is the case make sure you get someone who is familiar with these types of appraisals and the neighborhood your home is located.

Carroll Appraisal Services is dedicated to friendly and professional service. It is our promise to answer your questions and work with you to make sure you are comfortable with the appraisal process.

If you are considering a reverse mortgage and have questions about the appraisal process give us a call.

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