Connecticut Reverse Mortgage

Paying Back a Connecticut reverse mortgage

No monthly payments are due on a reverse mortgage while it is outstanding. The loan is repaid when you cease to occupy your Connecticut home as a principal residence, whether you (the last remaining spouse, in cases of couples) pass away, sell the home, or permanently move out.

The amount owed can never exceed the value of your home. Furthermore, if the home is sold and the sales proceeds exceed the amount owed on the reverse mortgage, the excess money goes to you or your estate.

Connecticut Reverse Mortgage Counseling

Before applying for a Connecticut reverse mortgage, you must first meet with a counselor. The counselor’s job is to educate you about Connecticut reverse mortgages, to inform you of other alternative options available to you given your situation, and to assist you in determining which particular Connecticut reverse mortgage product best fits your needs.

Other factors to know and remember about Connecticut reverse mortgages

All Connecticut reverse mortgage programs require that you as the borrower consult a qualified

counselor to ensure that a Connecticut reverse mortgage is the correct choice for you.

Payments received from a Connecticut reverse mortgage are tax free and may not affect your Social Security or Medicare (also does not usually affect SSI or Medicaid/MediCal.

Since you are borrowing against the appraised value and equity of your home, there is no credit report or income verification needed to obtain your reverse mortgage.

Loan amounts vary based on your age, the value of your home, and the current interest rates associated with the plan you choose.

You have the option to choose any payment plan offered by the reverse mortgage you choose.

You may change your payment plan at any time during your loan period and you may do so as often as you would like.

You can never owe more on your home than what it is worth.

There are no income or medical requirements to qualify. You may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage.

For more information on a Connecticut Reverse Mortgage

Contact one of our Connecticut reverse mortgage professionals at 1-800-743-9233 or click here for more information.

You will acquire your own personal Connecticut reverse mortgage consultant to help get you started with the mortgage process and more fully explain why a Connecticut reverse mortgage might be a good option for you.

How Connecticut Reverse Mortgage payments are received?