Reverse Mortgages:

Reverse Mortgages for Senior Citizens 

If you are a homeowner and are 62 years of age or older you may want to consider a reverse mortgage. Reverse mortgages allow homeowners to utilize equity in their home without having to make payments on the mortgage. You worked hard to build the equity in your home, now let it work for you!

If you qualify for a reverse mortgage, you may receive monthly payments, payments from a credit line, a lump sum, or through a combination of those methods of payment. You would still be responsible to pay property taxes and homeowners’ insurance and to keep the home in reasonable condition.   You do not have to pay back the reverse mortgage until the last surviving spouse   passes on or permanently leaves the home for a year or more. The reverse mortgage may be paid off from the proceeds of the sale of the home or your heirs may pay the loan off from their own resources or by taking out a regular mortgage on the property.

To learn more about HUD insured reverse mortgages, known as Home Equity Conversion Mortgages (HECMs) please click here to visit HUD’s web site at:

www.hud.gov   

To learn more about reverse mortgage products offered by MaineStream Finance; please contact:

 Dana Ward, Loan Officer

973-3555