If you are at least 62 years old and want to put some of your equity to use, Blackmon Home Loans can help you secure a reverse mortgage in Las Vegas, NV. If you’re wondering how you can take advantage of the equity you’ve earned as a homeowner, we can assist with helping you decide the best option for your unique situation.
- Supplement Your Income
- Tax Free Income Source
- Flexible Payout Options
Reverse Mortgages Explained
A reverse mortgage is a loan that uses your remaining home equity to pay off your original mortgage. If your equity is enough to cover the remainder of what you currently owe the bank, you won’t need to worry about monthly mortgage payments anymore, and you may even be able to pocket some leftover money. The rest of your mortgage won’t be due until you move out of your home, pass away, or breach the contract, at which point we will sell your house to repay the bank.
Who Qualifies For This Type Of Home Equity Loan?
It might be tricky to understand the qualifications for this type of loan. We can help you understand how it works and if this is the best option for your future.
- You need to be 62 years or older.
- You must live in a single-family home, condo, or townhouse that was built on or after June 15, 1976.
- You must live in your primary residence.
- You must have sufficient equity (usually at least 50%).
- You’ll be expected to keep your property in good condition and meet FHA standards.
- You still have to continue to pay house insurance bills, property taxes, HOA fees, and similar obligations in a timely manner.
- You will be required to attend a loan counseling session before you can sign.
Benefits Of Choosing A Reverse Mortgage
Now that you understand the qualifications, you might be wondering, what is the draw? Why would you want to choose this type of home loan and how can it benefit your future?
- Lower Or Eliminate Your Monthly House Payments
- Receive An Additional Flow Of Cash
- Consolidate Your Debts
- Protect Your Home Equity From A Declining Market
Potential Risks Involved
Just like with a regular home loan, a reverse mortgage uses your property as collateral. If you fail to keep up your end of the deal, you could lose your house. Failure to maintain the house, complete necessary repairs, or pay property taxes and home insurance can all result in repossession, so it’s critical that you uphold your end of the agreement.
Also, please note that if you want any of your family members to inherit your house, they will still be required to pay off the loan after you pass away.
Reverse Mortgages In Las Vegas
At Blackmon Home Loans, we can help you secure a home equity loan to cut your monthly mortgage payments and turn your property’s value into cash. Contact us today for more information on how to get started with a reverse mortgage in Las Vegas.