Connecticut Reverse Mortgage Programs
Reverse mortgages are designed to provide seniors 62 and older the ability to convert part of the equity in their home into cash. The benefits being that you don’t need to sell your home, give up your title or take on any new monthly payments.
Frequently asked questions about reverse mortgages
Can I get a reverse mortgage if I have an existing mortgage?
Yes. The only stipulation being that the proceeds from your reverse mortgage must first be used to pay off your existing mortgage.
Am I giving up the right to my home with a reverse mortgage?
No. As the homeowner, you maintain the title and ownership of your home during the life of the loan and can sell your home at any time. As long as you continue to live in the home and pay property taxes and homeowners insurance, the loan cannot be called due.
Are there restrictions to how I can use the money from a reverse mortgage?
No, there are no restrictions upon the use of proceeds from a reverse mortgage. Typical uses include debt relief, investments and family assistance.
Can I get a reverse mortgage if I live comfortably already?
Absolutely! Reverse mortgages are not just for low-income seniors. Many seniors obtain reverse mortgage loans to maintain a current lifestyle or save for the future without a monthly mortgage payment.
Can I talk to someone to determine if a reverse mortgage suits my needs?
Of course. In face, borrowers are required to work with independent counselors approved by the U.S. Department of Housing and Urban Development (HUD).
What happens if the homeowner passes away with a remaining loan balance?
If the borrower’s family wants to maintain ownership of the estate, the loan must be paid in full. The home can still be sold, and proceeds from the sale can be used to pay off the loan balance.
What are the requirements for a reverse mortgage?
- Borrower(s) must be 62 or older.
- Current interest rates
- Appraised home value
- Amount of equity in home
Want to learn more about our reverse mortgage options for CT residents? Call Mark!