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Reverse Mortgage Information

 

Could a Reverse Mortgage be the Solution You’ve Been Seeking?

Let’s find out!

 

Four Easy Steps to the Reverse Mortgage Process

1

Estimate

Find out how much money you may be eligible to receive

2

Review

A reverse mortgage expert will contact you for full details

3

Receive

Choose whether you receive the money in one lump sum or in installments

4

Payment

You’re not required to make payments, although you can choose to do so. The full amount becomes due when you leave or sell your home

What’s a Reverse Mortgage?

A reverse mortgage is a unique borrowing solution designed specifically for homeowners 55+ who would like to remain in their home while also being able to access some of its equity without having to make regular payments. All other lending products on the market today that enable homeowners to tap into home equity – such as a home equity line of credit or mortgage refinance – require regular payments. Borrowers must also qualify based on their income and credit score. With a reverse mortgage, you can access up to 55% of the value of your home and your credit is rarely a factor. You have the option of taking out less equity even if you qualify for the maximum amount.

How Does a Reverse Mortgage Work?

A reverse mortgage enables you to access up to 55% of your home’s equity tax-free to use however you choose. Your current pension or other income is not impacted (including Old Age Security and Guaranteed Income Supplement). In order to determine if you’re eligible to receive a reverse mortgage, your provider will look at your age as well as the age of your spouse (if applicable), your home’s location and value, and your property type. With a reverse mortgage, you’ll always retain control over your home, which means you’ll never be forced to sell. You must, however, continue to maintain your property and pay the taxes and insurance. You’re only required to pay back the loan when you decide to sell or if you leave your home. And the reason access to your home equity is capped at 55% is to ensure your balance owing on your reverse mortgage doesn’t exceed the home’s fair market value.

How Do I Qualify for a Reverse Mortgage?

If you and your spouse are both 55+ and own your home, you may be eligible to access up to 55% of your home’s equity in tax-free cash. Qualification relies on a number of factors concerning your home, including it’s value, location and property type.

  

Find Out How Much Money You Can Get

Use our free online Assessment form to see how much you qualify for!
Apply Now!

When Must I Pay Back the Money?

 

While you’re not required to pay back the loan until you decide to sell or leave your home for any reason, some people choose to voluntarily make payments.

How Can I or My Loved Ones Benefit from a Reverse Mortgage?

 

You’ve worked hard all your life and you shouldn’t have to settle for a cash-strapped lifestyle or be forced to sell your home in your retirement years. A reverse mortgage empowers you to stay in the home you love while accessing some of its equity to live a more comfortable lifestyle. The money you free up through a reverse mortgage is tax-free and won’t interfere with your current pension or other income (including Old Age Security and Guaranteed Income Supplement).

Find out how much tax-free cash you could qualify for!

Use our free online Assessment form to see how much you qualify for!
Apply Now!
How much can you borrow with Reverse Mortgage?

The CHIP Reverse Mortgage allows you to borrow up to 55%* of your home’s value. The total amount that can be borrowed is dependent on your age, the location of your home, the type of home, the condition of your home and the appraised value of your home.

How much equity is needed to get a Reverse Mortgage?

Home equity is derived by subtracting any outstanding secured debts against the home from the appraised value of your home. The total amount that you can borrow must be greater than or equal to any outstanding secured debt on the home. To get a reverse mortgage, your home must be valued at a minimum of $150,000.

How to get out of a Reverse Mortgage?

You can get out of a reverse mortgage at any time by paying off your reverse mortgage amount plus interest accrued. However, you may be charged a fee to pay off your reverse mortgage early. You do not need to pay anything toward your reverse mortgage unless you chose to leave your home.

How much can you borrow with Reverse Mortgage?

To start your reverse mortgage application simply complete our free estimate form or give us a call at 1-855-464-6843