Suffolk & Nassau County Reverse Mortgage
Long Island Reverse Mortgage
A reverse mortgage is essentially a Home Equity Conversion Mortgage, which is available to elderly homeowners aged 62 years and above. However, vacation and second homes are not eligible for this type of loan. Unlike other loans, a reverse mortgage does not need you to have an income to access it. The reverse mortgage program intends to help the elderly population live comfortably in their homes. Read on the following to understand the various contents of the reverse mortgage. Consult with a Long Island reverse mortgage specialize for more in-depth information.
Content of the Reverse Mortgage
The following are the information details of written reverse mortgage requirements given to the borrowers by the lender:
- The annual rate of interest in percentage
- Initial disclosure statement effective date
- All advances aggregate contained under the reverse loan
- Accrual date for interest
- Repayment circumstances for an unsettled loan
- The compounding period and the preliminary yearly rate of interest
- Prepayment charge and prepayment conditions statement
- The annual rate of interest determination method for different times
- Amount and nature of any fees, besides interest that the borrower will be expected to pay according to reverse mortgage.
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Document Checklist
The following are the mandatory documents required to access reverse loans by the elderly:
- A clearly visible national identity card and unexpired driver’s license copy
- A copy of Trust Agreement, Attorney’s Durable Power, or Conservatorship, if pertinent
- A Social Security Card copy
- A spouse’s Death Certificate copy if applicable
- A letter copy of the Social Security Awards
- Detailed duplicates of all properties, such as annuities, 401K, savings, or pension plan
- An Insurance Declaration Page copy of the current homeowner page showing the number and name of the agent
- All pages of the bank statements of the elderly homeowner for the last two months
- Property Tax Receipt clear copy
- Original certificate of reverse mortgage counseling
- Current mortgage establishment statement if relevant
- Property deed or title copy and mortgage satisfaction proof
Property appraisal by lenders is crucial in accessing reverse loans. The appraisal fee lies on the borrower. Besides, reverse mortgage’s interest component is attached to peripheral rates. Please consult with a Nassau or Suffolk County reverse mortgage expert to verify all above content on how it applies to you.