Mortgages in Arizona & California
A Few Facts About Reverse Mortgages with Mortgage Quest
If you’re 62 or older – and looking for money to supplement
your retirement income – you may be considering a reverse
A reverse mortgage is a product that allows you to convert part
of the equity in your home into cash without having to sell your
home or pay additional monthly bills.
Closing costs are comparable to a conventional mortgage (see our
website at www.mccormicklendinggroup.com to see how we are able
to offer the lowest costs and rates in the industry).
At least one borrower needs to be 62 years old
Must be your Primary Residence.
The lender or bank does NOT own the home – YOU OWN THE HOME,
you keep the title!
There are no income or credit score requirements to qualify.
No monthly mortgage payments are required.
The home does not have to be free and clear or have a lot of equity.
Although enough equity is needed to pay off current liens and/or
There is no limitation on how the funds can be used.
Funds can be received in monthly payments structured as needed,
line of credit (with a growth rate), lump sum, or a combination
Social Security and Medicare are not affected because it is a
loan, and not considered income.
Medicaid can still be received with the reverse mortgage.
At the time of sale if the home is sold for more than the loan
balance, the borrower(s) or their heirs receive the difference.
The bank does NOT keep the difference!
The loan is non-recourse which means there is no personal liability
to the borrower or their heirs.
Just like any mortgage, borrowers are responsible for property
taxes and insurance, association dues (if applicable), maintaining
the property and abiding by the terms of the loan.
HUD regulates reverse mortgages. Thus, a very protected loan.
Borrowers must complete counseling from an approved HUD Counselor
on how a Reverse Mortgage works.
If you are interested in discussing a reverse mortgage or any
other mortgage need, please contact me today.