Reverse Mortgage Experts
At My Own Mortgage, we appreciate how important it is for seniors to make the right decision about how they can use the equity in their homes. A reverse mortgage can help seniors to keep their homes while borrowing against the equity. We specialize in processing reverse mortgages. We have helped thousands of seniors gain the peace of mind, dignity and security that comes from obtaining the right reverse mortgage program.
Licensed in RI, MA, CT, NH, VT, and ME.
Understanding a Reverse Mortgage
A reverse mortgage enables senior homeowners to tap into the equity in their home and use it as a source of tax-free income. The loan can be used to help pay for anything, from everyday expenses and utility bills to home repairs.
Unlike traditional home-equity loans, there are no monthly payments. You do not have to repay the loan as long as you own and occupy the home as your principal residence. When the home is sold or inherited, the money you borrowed, plus the interest and fees, will be due. Generally, borrowers or their estate repay the loan by selling the home. If the home is sold, you or your estate may keep the proceeds in excess of the amount due and are not responsible for any shortages, ever. The amount you are eligible to borrow depends on your age, the interest rate and the amount of equity in your home. The equity is based on an appraisal, or the maximum claim amount, whichever is less. There is a maximum claim amount that varies by county in your state.
Making an Informed Decision
Reverse mortgages in RI, MA, CT, NH, VT, and ME continue to grow in popularity among seniors, but they are not right for everyone.
If you’re age 62 or older and own your home, We are here to answer questions and supply whatever information you feel is needed to make a safe, informed decision. To speak to someone for more information about whether a reverse mortgage is right for you, call 866-HOME-310
Flexible Terms and Fully Insured
Our reverse mortgages are fully insured, which means you are protected from acquiring negative equity in your home. We offer low closing costs, as well as the opportunity to incorporate closing costs and fees into your loan, instead of paying them out of pocket.
Reverse Mortgages offers several disbursement options:
- Line of credit – allows you to withdraw funds as needed
- Lump sum – one time disbursement of funds
- Tenure plan – monthly payments made to you for the rest of your life
- Term plan – monthly payments made to you for a set period of time
- Combination – option to combine line of credit with monthly payment
Qualifying for a Reverse Mortgage
- You must be at least 62 years of age.
- If there is more than one borrower, all borrowers must be age 62 or older.
- You must own and occupy the house as your principal residence.
- Only owner-occupied, multi-family properties (ranging from 1-4 families) are eligible.
You also may want to visit the American Association of Retired Persons’ (AARP) website, which includes a free calculator that will estimate how much money you may qualify to receive: www.aarp.org/revmort
We have a division specializing in helping seniors (62 and above) get the most out of their retirement years through our offering of reverse mortgage products. A reverse mortgage can make sense whether your home is paid off or still has a mortgage balance on it. It's easy to see what a reverse mortgage can do for you by filling out our quick inquiry form. Click Reverse Estimate to get started.
