In response to several questions from couples and individuals about how to stay in your permanent residence AND lower your budget by paying off your mortgage(s) without making additional monthly payouts, you may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage. In fact, many seniors get a reverse mortgage to pay off mortgages. You need to be age 62 or older. There are NO INCOME OR MEDICAL REQUIREMENTS TO QUALIFY. No change of title, no taxes on proceeds, no repayment for as long as you live and reside in the house, until it is sold. When sold, you or your heirs receive any appreciation up from the value at the time of a reverse mortgage. WITH THE HOUSING MARKET PRICES LOW RIGHT NOW, appreciation is a strong possibility in years to come. If the value of the house declines, you do not have to pay up the difference. In order to qualify for a U.S. Government-insured reverse mortgage, you must receive reverse mortgage counseling from a counseling agency that is approved and certified by the Federal Housing Administration (FHA). The counseling is a free safeguard for you and your family, to make sure that you completely understand what a Reverse Mortgage is, and what the process of obtaining a Reverse Mortgage is before you apply for one. Information about reverse mortgages. The Jumbo loans have been discontinued for now. The highest reverse mortgage amount is the lending limit in the county which is $369,700 but soon to be $417,000. Call Marilyn Jacobs, a Lic. Mortgage Broker, for a confidential appointment - 561-988-0070.
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