Reverse mortgages are exclusive to customers age 62 or older and who want to tap into the equity of their home to pay off unplanned expenses or have extra cash on hand. Reverse or "cash out" mortgages are designed to allow elderly homeowners to "smooth out" their income and consumption patterns over time bringing much needed relief to qualified recipients. Although qualified homeowners will still be responsible for homeowners insurance and taxes, reverse mortgages don't typically come with traditional house payments aside from lump sum payments depending on the equity in your house.

Questions About Reverse Mortgage?

How does a reverse mortgage work? BBMC Mortgage will pay a percentage of the accrued equity in an applicant’s home. After closing costs and other associated fees, home owners will receive a lump sum payment, fixed monthly payment, or a line of credit depending on the type of mortgage you had prior to the reverse application.
What are the limitations on how I spend my reverse mortgage? What you do with the money is up to you. As a homeowner with a reverse mortgage you must fulfill certain qualifications or risk losing the entirety of the reverse mortgage loan. Click here to learn more about the pros and cons of a reverse mortgage [HYPERLINK TO PROS/CONS LP].

Call 1-800-24-rates to talk to a BBMC Reverse Mortgage Specialist Today!

How does repayment work on a reverse mortgage loan?

The main reason many reverse mortgage packages come with higher closing costs and interest rates is due to a non-repayment requirement. This means as a reverse mortgage recipient, you’re not required to make traditional monthly payments toward the loan. Qualified applicants can defer monthly payments until the contract is nullified upon death or if an applicant sells the home. There may still be property taxes, insurance and recurring maintenance costs as explained in the list of reverse mortgage loan criteria.

Contact BBMC to learn more about reverse mortgages

If you’re considering a reverse mortgage and want to weigh your options, click here or call a BBMC Mortgage Banker today. We’ll be more than happy to answer any of your questions and help you achieve your reverse mortgage needs.

Contact us to get started on your reverse mortgage

To find out more information about all the possible reverse mortgage solutions for you, or to simply learn more about what BBMC can offer, give us a call or click this link to get started.

At BBMC Mortgage, finding the right reverse mortgage solution for you is our priority. We look forward to hearing from you soon!

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