Reverse Mortgages

Good information from Brenda DeArmond

Did you know once you reach the age of 62 years old you are eligible to get a reverse mortgage? Did you also know that you can purchase a home with a reverse mortgage? This has become a great tool for seniors to obtain another home using the equity from their previous home. Criteria is that everyone on the mortgage must be over the age of 62. For example, based on a loan with an interest rate of approximately 9% and a home qualifying for $100,000, a 65-year-old could borrow up to 22% of the home's value; a 75-year-old could borrow up to 42% of the home value; and, an 85-year-old could borrow up to 58% of the home's value. These percentages do not include closing costs because these charges can vary.

If you would like to use a reverse mortgage to purchase a home through Brenda DeArmond Realty, please contact me at 1-800-504-6066. I am not a mortgage professional, however, I will refer you to someone you will assist you in this endeavor. I work closely with mortgage professionals in order to make a smooth transition when purchasing a home.