Call now to speak with Jason
(800) 680-1006
jason@mtglender.net
Frequently Asked Questions
What is a Reverse Mortgage?
The Federal Housing Administration insures these loans that allow you to convert a portion of your home’s value into tax-free income. You make no monthly payments until the loan is due. The loan is due when the last borrower permanently leaves the home. When the loan becomes due, the borrower will never owe more than the value of his or her home.
Will I have to make monthly payments?
There are no monthly payments for FHA insured reverse mortgages. There are no penalties for making payments before the loan is due.
Does the bank own the house?
Will I still own my home or does the bank own it?
You will always retain the title to your home until you sell it.
What if I have a mortgage?
If you currently have a mortgage, it is automatically paid off! If you don’t have a mortgage, you have access to that much more money!
How can I use the money I receive?
Use the money however you like. It’s your money. Many of my clients use the funds for home improvements, medical expenses (including in-home-care), unexpected expenses, and travel or to help pay a grandchild’s college tuition and long overdue trips.
Does my credit score or income affect my eligibility?
No. Your credit score or income won’t affect your eligibility.
Can I (or my family, if I pass away) owe more than the house is worth?
No. The amount you owe can never exceed the value of your home.
When will the loan become due?
The loan to become due when:
- You don’t pay your taxes or home owner insurance.
- The property deteriorates due to neglect.
- The last remaining borrower permanently moves out of the home or passes away.
- The home is no longer your primary residence for 12 consecutive months.
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Jason Russo
Reverse Mortgage Consultant
170 Lakefront Drive
Hunt Valley, MD 21030
Professional Memberships and Affiliations:
Member – National Aging In Place Council (NAIPC)
Delegate – National Reverse Mortgage Lenders Association (NRMLA)
Member – Baltimore County Association of Senior Citizen Organizations (BCASCO)
Member – Chesapeake Sustainable Business Alliance (CSBA)
Member – Better Business Bureau (BBB)
Council Member – Gerson Lehrman Group (GLG)
Member – Hampden Community Council (HCC)
Baltimore Aging In Place Council (BAIPC) |
