Gregg Marcus from Somerset Mortgage Lenders recently discussed how reverse mortgages work at their offices located at 290 Broadhollow Rd, Suite 310 E Melville NY 11747 with members of the media, consumers and his staff.
United States/NY/Melville
Reverse mortgages were created in order to help ease the financial burden on aging seniors. A reverse mortgage is a type of financial instrument that permits home owners over the age of 62 to gain access to the money they have accumulated as home equity.
How a reverse mortgage works is that the lender makes payments to the borrower, rather than the other way around. The amount paid out is based on a percent of the equity remaining in the home (that’s the full property value minus the amount still owed).
Seniors can use money from a reverse mortgage to fund:
1 Retirement
2 Medical costs
3 A new car
4 Home repairs
5 Renovations
6 Estate planning
7 A grandchild’s education
8 Travel and leisure
In order to get a reverse mortgage your current mortgage does not need to be completely paid off. The amount you can receive in a reverse mortgage is based on the equity in your home. As a mandatory part of the reverse mortgage process, however, your existing mortgages will be paid off. Some people simply use a reverse mortgage to get out of having to pay monthly mortgage payments, the money they receive just being a bonus.
When you receive a reverse mortgage, your home remains in your name, and you also retain total control of the property. It is also still your responsibility to maintain the house and property and pay all taxes and insurance as usual. No reverse mortgage lender can take your home away from you so long as you keep that home as your primary residence.
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- Somerset Mortgage Lenders
- Somerset Investors Corp. is a mortgage banking firm that prides itself on attaining the highest ethical and moral standards and is dedicated to providing quality mortgage products at value pricing to our customer. Somerset has a long-standing history of servicing its local community as a reliable mortgage company. Our goal is to establish a successful partnership with our customers, staff, investors, and markets that respect the interest and goals of each party. Somerset Investors Corp. has been built on the belief that to be successful in mortgage banking it must first begin by molding itself as a customer service firm that provides quality service to the public.
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