Reverse Mortgages

Are you thinking of getting a reverse mortgage on your property? A reverse mortgage, like its name indicates, works in reverse. Instead of you paying the lender, the lender pays you.

The majority of homeowners who are interested in obtaining a reverse mortgage are of retirement age. They may need the money to put toward medical expenses or some unforeseen emergency. They may want to use the money for day-to-day living costs rather than delve into retirement savings. Or they may just want to use the money for extras, like vacations and "toys."

Your reverse mortgage has to be the primary mortgage on your property. So, if you already have a loan in place, you have to pay off the debt before obtaining a reverse mortgage, or use the lump sum advance from the reverse mortgage to pay off the other loan. The cost of acquiring a reverse mortgage on your property can vary greatly, so be sure to gather all the facts about fees.

Your total debt with a reverse mortgage is comprised of all the lump sum advances you acquire, plus the interest that has accrued on your loan. If you sell the property, you can keep the difference between its value and your debt. However, you can never owe more than your home is worth. Your debt can only equal the value of your property.

American Mortgage Specialists is ready to show you how much you have to gain with a reverse mortgage. If you're ready for a reverse mortgage or other mortgage loan package, email info@amsaz.com or call one of our loan analysts at 1-866-385-5450, 9 a.m. to 9 p.m. Mountain Standard Time.