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How Does A Reverse Mortgage Work? Step 1: Eligibility You’ve spent your life working hard to build equity into your home. Maybe now it’s time you get paid back. Reverse mortgages can turn financial difficulty into freedom and independence. The primary requirements of a reverse mortgage are that you must be at least 62 years old and occupy the home as your primary residence. Your age and the value of the home are also very important factors. They determine the amount that you can receive. During the life of the Reverse Mortgage you must continue doing three other things that you are most likely already doing: 1. Pay your property taxes 2. Pay your homeowners insurance premiums 3. Keep up with the maintenance on the house We expect that you’ll have questions. And we’re happy to answer them. We’ll even come to your house to address them in person. In fact, we offer in-home service for everything, from initial questions to the final closing. Step 2: The Application Process Once you’ve decided on a reverse mortgage, your loan — and greater financial independence — is only a few steps away. The application process consists of the following stages: Completing the Application - Your Great Oak representative will come to your home and guide you through each step of the process. Pertinent information and documents are collected and loan parameters such as payment option (lump sum, line of credit, monthly income or a combination) are determined. Mandatory Counseling - An independent, HUD-approved counselor will make sure you fully understand the program that best suits you. The Closing - Following approval, the closing date is set. Remember, you can have the closing take place in the comfort of your own home. Peace of Mind - Insured by the FHA. Assured by HUD. Secured by Great Oak Mortgage. Remember, Great Oak representatives are happy to come to your home for any step of this process. Step 3: Paying Back the Mortgage It’s very simple. As long as the home is your permanent residence, no repayment is required. Repayment is required only when the last remaining borrower no longer occupies that home as their permanent residence. However, there is no pre-payment penalty if borrowers choose to make early payments on the loan or pay it off before they are required to. When this occurs, you or your heirs have two options. As long as the sale is an arms-length transaction*, the house can be sold and the entire loan balance repaid with the proceeds. Or, you or your heirs can keep the house and repay the loan with your own funds. As a built-in safety net, neither you nor your heirs are ever responsible for more than the fair market value of your home. And that’s the beauty of reverse mortgages—they are a true non-recourse loan. * An arms-length transaction is one between two unrelated parties and must be characterized by a selling price and other conditions that would prevail in an open market environment. |
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Us Reverse Mortgage Links: What is a Reverse Mortgage? How Does a Reverse Mortgage Work? How You Can Use the Proceeds of a Reverse Mortgage Why Should You Apply For a Reverse Mortgage? Reverse Mortgage FAQs Resources to Learn More About Reverse Mortgages Traditional Mortgages Are Also Available |
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Great Oak Mortgage Corporation
3098 Piedmont Road, N.E., Suite 150
Atlanta, Georgia 30305
1-866-6-REVRSE
1-866-673-8773
404-231-3933
Great Oak Mortgage Corporation, a Georgia Residential Mortgage Licensee # 5968
© 2008 Great Oak Mortgage Corporation
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