Boukarim Mortgage

Boukarim Mortgage

Reverse Mortgage

Reverse mortgages are for seniors who are 62 years of age or older. Contrary to common thought, they can be used for purchases. Not just for refinances. Qualifying for a reverse mortgage is much much different than qualifying for a traditional conventional or FHA loan. So without doing a proper analysis for your own unique situation, it’s difficult to say which loan product will qualify you for more money. A common myth of a reverse mortgage is that you’ll lose the house to the bank when god forbid you pass away. But that’s not true. It works no different than a Conventional or FHA loan. Your heirs are just responsible for the current loan balance. They can either sell or refinance and take advantage of the equity they gained in the property. Reverse mortgages means you don’t have to make monthly payments. No, you still have to pay taxes, insurance, and HOA Fees if applicable. So contact me today, and I’ll be happy to assist with your reverse mortgage needs.