Reverse mortgages are available to homeowners who are within 6 months of turning 62 years of age or older and have equity in their home.
What is a Reverse Mortgage?
AARP.com defines a reverse mortgage as:
“A loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:
•All at once, in a single lump sum of cash;
•As a regular monthly cash advance;
•As a “credit line” account that lets you decide when and how much of your available cash is paid to you; or
•As a combination of these payment methods.
No matter how this loan is paid out to you, you typically don’t have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.”
(For more information from AARP about reverse mortgages, click here)
Because the decision to use your home’s equity is an important one, NC state law requires reverse mortgage counseling prior to obtaining a reverse mortgage. Salisbury Community Development Corporation charges a $125.00 fee for Reverse Mortgage Counseling due at the time of service.
During a reverse mortgage counseling session our certified counselor will provide an unbiased explanation of the different aspects of a reverse mortgage, review loan estimates, and evaluate the benefit of a reverse mortgage for your particular financial situation. Upon completing the counseling session, you will receive the required certificate for the lender to complete a reverse mortgage loan application.
Call our office at 704-638-5383 to schedule an in-person appointment with our certified reverse mortgage counselor or you can email your completed Intake form to request an appointment, firstname.lastname@example.org