Reverse Mortgages

OneBetter Mortgage Corp has been a MINI-EAGLE from the FHA and now OneBetter can obtain Reverse Mortgages.

Reverse mortgages (also called home equity conversion loans) enable senior citizen homeowners to tap into their equity without selling their home. In a traditional mortgage the homowner pays the lender monthly mortgage payments traditional including principle and interest for a 15 or 30 year period of time.  In a Reverse Mortgage, the lender pays you (the homeowner) money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. There are no monthly mortgage payments, ever, from the homeowner to the lender.  Loans in Reverse mortgages are not based on employment or income.  Loans are based upon the value of the property. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, then, and only then are you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender. Even if you take out a reverse mortgae of $250,000 when you are 62 years old and live to be 102, provided your home is your primary residence, you never have to pay back one single dime. 

Most reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against your home and maintain the property as your principal residence.