Is a Reverse Mortgage the Same as a Equity Line of Credit?

An Equity Line of Credit is not the same as a Reverse Mortgage.

An Equity Line of Credit depends on:

  • Loan to Value.
  • Income.
  • Does not matter age of borrower.
  • Needs to be paid back on a monthly basis.

A Reverse Mortgage.

  • 50-60% of the home value may be borrowed with a Reverse Mortgage.
  • As long as guidelines are being followed, a Reverse Mortgage does not have to be paid back until the home is sold.
  • A borrower must be 62 or older.
  • Qualifications does not look at credit score.
  • Qualifications does not look at employment income.
  • Need to pay back when the property is sold.
  • Loan is insured.

A Reverse Mortgage does not get paid back until the time of sell of the property.

Please check with a Professional Reverse Mortgage Advisor and your Tax Advisor for specific details regarding a Reverse Mortgage.

I hope you enjoy this video series about Reverse Mortgages. If you have any other questions, please feel free to contact us:
Gennaro Faiola, Reverse Mortgage Advisor 916.216.1140
Pam McCoy, Realtor® 916.865.8759

Your Senior Real Estate Specialists (SRES),
Pam McCoy serving Folsom, Granite Bay, Roseville and surrounding areas

Over 62? A Reverse Mortgage May be Used to Purchase Your Next Home

A Reverse Mortgage may be used to purchase your next home.

  • If you are over 62, you may purchase a home using a Reverse Mortgage.
  • Your age will determine the percentage you may borrow using a Reverse Mortgage.
  • Do not have to qualify for this loan with credit score or employment history.
  • No monthly payment as long as you adhere to FHA guidelines

A home buyer may borrow between 50-60% of the home value depending on age.

Interest Rates and cost of loan is regulated by FHA and HUD.

You will still own your home when you take out a Reverse Mortgage.

I hope you enjoy this video series about Reverse Mortgages. If you have any other questions, please feel free to contact us:
Gennaro Faiola, Reverse Mortgage Advisor 916.216.1140
Pam McCoy, Realtor® 916.865.8759

Your Senior Real Estate Specialists (SRES),
Pam McCoy serving Folsom, Granite Bay, Roseville and surrounding areas

Seniors Look at Reverse Mortgages – Do I Still Own My Home?

Do I still own my home when I take out a Reverse Mortgage?

Yes, you still will own your home when you take out a Reverse Mortgage. This is a common misconception with a Reverse Mortgage.

Will I have a lien on my property?

Yes, you will have a lien on your property like any other home loan. Once the lien is paid, you will have full ownership of the home. The difference between a Reverse Mortgage and a regular home loan is you do not have to pay off a Reverse Mortgage as long as you follow the FHA and HUD guidelines.

I hope you enjoy this video series about Reverse Mortgages. If you have any questions, please feel free to give me a call 916.865.8759 or email me. Did you know that you can purchase a home using a Reverse Mortgage?

Your Senior Real Estate Specialist (SRES),
Pam McCoy, Realtor®