Thanks to Lee Croteau, Reverse Mortgage Advisor for VBS Mortgage, for this describing to us this important update to the reverse mortgage program. Non-borrowing spouses can now defer the repayment of the loan for as long as they continue to live in the home! Here are the details:
A Reverse mortgage is a special loan for homeowners who are at least 62 years old. Unlike other loans, a Reverse mortgage has no monthly principal or interest payments. (However, borrowers are required to pay their taxes and insurance.) A Reverse mortgage can provide greater financial security, and possibly free up funds for other needs.
But what happens if one spouse is younger than 62? Recent changes to the reverse mortgage program have helped resolve this issue. The updated guidelines for new Reverse mortgages mean that non-borrowing spouses can defer the repayment of the loan for as long as they continue to live in the home! This important improvement to the Reverse mortgage program will allow many to do a Reverse mortgage where before it would have been inadvisable.
There are a number of conditions involved, so it’s important to learn the facts about Reverse Mortgages, the pros and the cons. You should talk with a local, reputable Reverse mortgage advisor who will meet with you and your family to discuss your needs, and to determine the best options available to you.
Lee Croteau (NMLS# 510633) is a Reverse Mortgage Advisor for VBS Mortgage. (Equal Housing Lender | NMLS# 275173
See CareisThere.com for more information about reverse mortgages.
Click here to read more about Lee Croteau.
For more articles like this, see: Resources for Central Virginia, Aging in Place, Legal and Financial, News and Events.
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