PURCHASE OR REFINANCE
Reverse LOAN
Tap Into The Equity Of Your Home Using A Reverse Mortgage Loan!
Reverse mortgages are a great way to access extra money for medical bills, daily living expenses, or simply to enjoy retirement with less financial stress. With a reverse mortgage loan, you borrow against the equity you’ve built in your home. Instead of making monthly mortgage payments, the loan provides you with funds while you continue living in your home.
If you’re over 62 and want to learn how a reverse mortgage could support your lifestyle and long-term goals, reach out to Patriot Home Mortgage today. Our team will walk you through the details and help you decide if it’s the right option for you.
Reverse Mortgage Loan Requirements:
- You must be 62 or older
- Any existing mortgage must be already paid off or paid off using the proceeds of the reverse mortgage.
- Reverse mortgages can only be taken out on the primary residence – not vacation homes or investment properties.
- You are responsible for upkeep on the property.
- You must be able to continue paying property taxes.
- You must maintain insurance
Reverse Mortgages
Many homeowners have found that a reverse mortgage is a great way for them to take advantage of the equity they have built up in their homes.
A reverse mortgage loan is different than a traditional mortgage. With a traditional mortgage you make monthly mortgage payments, but with a reverse mortgage loan the lender pays you money through monthly installments or a one-time lump sum payment. The money that you receive is dependent on your age and the value of your home as well as the determined reverse mortgage rates.