Reverse Mortgage lenders North Carolina

north carolina reverse mortgageif you live in the state and you’re over 62 years of age and you own a home. You must meet a minimal home equity requirement, but if you have enough, you shouldn’t face any obstacles when trying to take out a reverse mortgage.

Reverse Mortgage North Carolina Information

There are no loans available on the market that are similar to reverse mortgages. These loans are unlike all other loans. Reverse mortgages in North Carolina allow you to tap into the equity in your home and turn it into income you can spend on daily purchases or living expenses.

Want to take a nice vacation with your family? Need to pay for medical bills or senior housing? Want to help your grandkids through college? Or do you simply need money to live on? Any of these costs can be met and taken care of with the funds from a reverse mortgage. If you’re curious about how one of these unique loans can help you better enjoy your retirement, research the reverse mortgage information provided on this site to help you make a decision.

You can receive the money from your reverse mortgage in a variety of ways. You can choose one of the following methods.

  • A lump sum at the start of the loan period.
  • Monthly payments throughout the loan period, until the equity runs out.
  • A line of credit opened at the start of the loan period. The credit does not have to be repaid until the full loan amount is due.

You can also combine more than one method to develop the payout system that will work best for you.

Your lender takes ownership of your home equity at the start of the reverse mortgage. But your lender does not own your home, as with other mortgages. The reverse mortgage loan is not secured by your home or property. You will always own your home, even after a reverse mortgage, unless you move or decide to sell it.

You don’t have to pay back the reverse mortgage debt during your lifetime if you don’t want to. The debt will pass to your heirs with ownership of the home upon your death. Your heirs will then need to pay back the debt, but this is typically done by selling the home and turning the funds from the sale over to the lender. If your heirs wish to keep the home, they can refinance the reverse mortgage into a traditional loan and pay it off again.


Fraud in 3-D - National Mortgage News

2007-11-14 07:13:54 by Apprsr

By Ann Fulmer
Forget the rose-colored glasses. To see what’s coming in the next year, you’re going to need those 3-D glasses they used to hand out at sci-fi movies.
As we all know, the real estate bubble has burst. Thousands of families have lost their homes and millions more may be at risk. And as bad as it is right now, most surveys predict that the worst is yet to come. A disaster is unfolding before our eyes.
As David Ignatius said in a recent Washington Post article, “Bubbles must be lived forward, even if they can be understood only in reverse

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Inman News: Realtors Need to Know About Reverse Mortgages  — Reverse Mortgage Daily
That's the message behind an Inman News column this week speaking to Realtors about the use of reverse mortgages by retirees to purchase new homes through the Home Equity Conversion Mortgage for Purchase program.

New Texas Reverse Mortgage Disclosures Take Effect  — Reverse Mortgage Daily
Under a constitutional amendment in Texas that allows for the reverse mortgage purchase loan within the state's law, lenders also will have to adhere to a new set of disclosures that are now in effect in Texas.

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Nuts and bolts of reverse-mortgage lending: borrowers, lenders, servicers and buyers of reverse-mortgage loans face a complex set of challenges if ... Trends): An article from: Mortgage Banking
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