Reverse Mortgages

Are you a homeowner, 62 years of age or older, thinking about how to structure your finances for retirement and beyond? AMS Loan Center is now offering Reverse Mortgage.

Reverse mortgages enable homeowners, aged 62 and older, to convert their home equity into cash – without having to sell their home or make monthly repayments as long as they live in them.

There is a huge difference between a reverse mortgage and a regular bank home equity loan. With a second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow. You don't make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you are still required to pay your real estate taxes and other conventional payments like utilities, but with a Reverse Mortgage, you cannot be foreclosed or forced to vacate your house because you "missed your mortgage payment." 

Due to the unique structure of Reverse Mortgages, it’s important to contact a professionally trained expert to receive the correct information about your personal situation. For more details, please contact one of our knowledgeable and helpful mortgage experts.