Sentences with phrase «after getting a reverse mortgage»

Fact: The bank does not take ownership of your home after getting a reverse mortgage; reverse mortgage borrowers maintain their ownership and title of the home.

After you get a reverse mortgage on your primary residence, repayment is not due until the home is sold, the last borrower passes away or permanently leaves the home *.

Fact: The bank does not take ownership of your home after getting a reverse mortgage; reverse mortgage borrowers maintain their ownership and title of the home.

Not exact matches

After you learn the benefits of the reverse mortgage, we'll explain the process for getting your loan.

When you own a home you can enjoy the value of your investment without selling it, by either continuing to live in it after you've paid off the mortgage (at which point you have no more mortgage payments), and optionally getting a reverse mortgage at any time after age 62, which allows you to extract cash value from your home in either a lump - sum or as monthly payments, and which you won't have to pay back as long as you live in the home.

(3) Any time after you're 62, get a reverse mortgage, which pays you most of the equity you've built in cash, either as a lump - sum or as monthly payments.

And perhaps the most significant difference is this: If you obtain an adjustable - rate reverse mortgage, the unused amount grows each and every month, so that the balance you can tap into gets larger month after month.