Welcome to Rhode Island Reverse Mortgage!
Rhode Island Seniors can use the New Reverse Mortgage to save thousands of dollars and increase the safety and enjoyment of retirement.
A Reverse Mortgage is an equity loan that is only for senior citizens. They are also known as a HECM, which stands for Home Equity Conversion Mortgage. Someone who wants a Rhode Island Reverse Mortgage must be age 62 or older and must own their home. However, those are the only requirements. A Reverse Mortgage will make available around 50-65% of your home’s value and allow you to use this money in any way you like. You can plan a vacation, pay off debt, provide for your family’s future, or create a safety fund for future medical expenses or emergencies.
This loan is designed to make your home completely safe from default or foreclosure. It will also pay off any current mortgage you have to remove that monthly payment burden and get you out of a bankruptcy or foreclosure problem.
Many Rhode Island homeowners who are looking to relieve financial debt or need funds for the future do not know how a Reverse Mortgage works. A Reverse Mortgage is a federally insured and regulated product that is the same in Rhode Island as it is in any state across America. There are no income requirements, credit levels, or health restrictions on a Reverse Mortgage. If you are over the age of 62 and own your home, you are eligible for a Rhode Island Reverse Mortgage.
Once you have decided to move forward, you will have to complete Reverse Mortgage Counseling. There are valid HUD Counselors all of the state of Rhode Island, but you can also choose to have your interview over the phone. This meeting is mandatory because you will need a HECM Counseling Certificate. Once you have this document, you can request an application from a Rhode Island Reverse Mortgage Lender.
There are several Reverse Mortgage Lenders in Rhode Island. Most of these operate nationwide, but they will have Loan officers and offices in Rhode Island that will be able to meet with you and service you Reverse Mortgage application. Any lender you speak with should be a HUD Reverse Mortgage Lender so make sure you verify this before you proceed. After your chosen Reverse Mortgage Lender gives your application, you will receive a HUD Appraisal which will serve as the basis for the value of the Reverse Mortgage.
Once the appraisal is completed, there will be an underwriting period, so processing, and finally the closing. Most Reverse Mortgage Lenders will want to make things as convenient as possible for you so they will have a Rhode Island title agent come to your home to close the loan there. There are numerous safety features built into the loan to make sure that you are comfortable and confident about your decision. There is even a 3 day rescission period for all Reverse Mortgages. But just to make sure, you need to shop prices and figures from several lenders, use an online Reverse Mortgage Calculator, and try to get the best Reverse Mortgage closing costs that you can find.
Some things to remember about a Rhode Island Reverse Mortgage:
· There are never any payments required while you live in the home, and it is a no pre-payment-penalty loan.
· You never transfer title or ownership of the home and may sell at any time.
· There is no credit, income, or medical requirements for this product.
· The funds generated are tax-free and do NOT affect Social Security or Medicare.
· There is complete Right of Survivorship.
· The entire program is regulated and guaranteed by the Federal government through HUD.
· Since there are never any payments required, there is never any chance of default or foreclosure.
For more questions, information, or any other inquires about the Reverse Mortgage, please call Toll Free: 1-888-973-8377.