Thank you for stopping by. This video is put
on by ReverseMortgageLoanAdvisors.com. You probably landed here because you typed in
the search engine Bing, Google, YouTube, you name it something like “reverse mortgage info”
or “reverse mortgage basics”. I have a simple way to explain how a reverse mortgage works.
You probably have or maybe you have in the past had a regular mortgage, just a traditional
home loan. I bring that up because, a reverse mortgage, it works alot like a traditional
mortgage, but there’s 3 tiny, key differences. The first difference is that there is an age
requirement. You have to be aged 62 or older to qualify (and this is for the FHA, the federally
insured reverse mortgage program). There is a new program out where you can do a reverse
mortgage at age 60. It’s a private reverse mortgage. The thing with that option is it’s
only available in a couple of states at the moment (and it’s 2018 when we filmed this
video). The 2nd difference is that there is an equity requirement with a reverse mortgage.
At age 62 you can borrow roughly 40 percent of your homes value and on the other side
of the age spectrum you can borrow roughly 70-75% but you have to be aged 90 or 95 to
get to that amount and it just starts at roughly 40% and moves upward on a sliding scale with
every passing year. You’ll want to connect with us for details in terms of how much you
get based on your exact date of birth. Now, the 3rd and final difference is that there
is no monthly payment on a reverse mortgage for as long as you live of for as long as
you live in your home. Now, the big question is; what were you hoping a reverse mortgage
would do for you? I invite you to get your free reverse mortgage info kit. Click on the
link or the email address either at the top of bottom of this video. Shoot us an email
asking for your free info kit. Talk to you soon.