Colli Real Estate

Can anyone share information on reverse mortgages?

my in-laws have one

I think it varies by state, but the basic concept is pretty simple: a lender is lending them a little bit more each month (direct deposited to their account) so as time goes by they owe more and more money on their house

it’s “reverse” because a regular mortgage gets paid off month by month and eventually you have it all paid for

the amount of money they can receive each month is determined by law using an actuarial calculation, so it is the same for any person of same age, gender, etc.

you do not ever have to pay the money back until either the property is sold, or they die, so if they live a long time they can receive quite a bit of money month after month

in general these can be a good solution for the elderly person who wants to stay in their house but cannot afford it on a fixed income, especially if the area where they live has increasing property values, so they still have equity in the house even though they owe on the mortgage

any lender can provide info & I think they all offer the same monthly amount, though interest rates can vary (as usual lower is better)

the older the person is the more money they receive per month (becauase their life expectancy is less)

Reverse Mortgage Information Video (reverse mortgage)

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