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What is a Reverse Mortgage?

A reverse mortgage is a type of loan that enables the home owner to easily convert equity from his/her subject home into available cash which can be used to assist with any present financial obligations.  With a reverse mortgage, the home owner does not have to make monthly payments on their current mortgage.  In a sense, the mortgage payments are put on hold, but any interest from not paying is added to the overall mortgage balance.

What are some of the requirements?

Must be 62 years of age to be eligible

Must live in the home you are taking the reverse mortgage on

Attend counseling to fully understand what happens with reverse mortgage

Important things to know!

When does the loan come due?

Loan comes due once the borrower dies, sells the house, or fails to keep up with taxes or insurance

What happens when loan comes due?

The borrower or heirs of the property have the option to refinance and keep property, sell the home, or turn home over to lender.  You may be able to ask for an extension once loan become due.

Mortgage World Bankers, Inc.
(NMLS Company ID# 7116, in New York holds a Mortgage Banker License (# B500764) and Mortgage Banker Branch Licenses for Astoria, NY (NMLS ID 558838), (NMLS ID 1081208) and for Flushing, NY (NMLS ID 64452) Branch Offices approved by the New York Department of Financial Services, Phone(212)709-3500; in New Jersey holds a Residential Mortgage Lender License (#9947218) and a Residential Mortgage Lender Branch License for Englewood Cliffs, NJ Branch Office (NMLS ID 336925) approved by the New Jersey Department of Banking and Insurance, Phone: (609)292-7272; in Connecticut holds a Mortgage Lender License (# 12674) approved by the Connecticut Department of Banking, Phone: (860)240-8140; in Florida holds a Mortgage Lender License (# MLD638) approved by the Florida Office of Financial Regulation, Phone: (850)410-9895; and in Pennsylvania holds a Mortgage Lender License (# 29750) approved by the Pennsylvania Department of Banking and Securities, Phone: (717)787-2665.