North Carolina Reverse Mortgages

North Carolina reverse mortgages are helping senior homeowners maintain independence. Skyrocketing prices for food, gasoline and everyday goods and services are causing stress and money worries for many North Carolina retirees. Meeting expenses can be difficult in a slowing economy impacted by high inflation.

North Carolina reverse mortgages allow you to access a significant portion of your wealth, by converting your home's equity into cash in order to supplement your income. You can receive this cash without obligating yourself to a monthly mortgage payment. This type of loan reverses the payment stream, so that instead of you making payments to a lender, the lender now makes payments to you. The mortgage payments are "reversed." It's like the famous Robert Wagner reverse mortgage commercial where Robert Wagner says; "I know, it sounds too good to be true, and I know you have a lot of questions." But it is true, and you should learn more about this financial aid tool.

Eligibility Requirements

A North Carolina reverse mortgage is available to senior homeowners that are 62 or older that have substantial equity built up in the home. The money you receive from this type of loan is Tax-Free and will not impact your Social Security or Medicare benefits. You can use the money for whatever you like and you can still leave your home to your heirs. You will not be taken off the title to your home. You still own your home the same as always. It's just that now the reverse mortgage lender has a first mortgage lien on your home, in the same way that your lender did when you originally bought your house with a "forward" mortgage loan.

North Carolina reverse mortgages require no monthly mortgage payments from you for as long as you live in your home as your primary residence. You are required to properly maintain your home, pay your real estate taxes and keep your home insured, just the same as you do now. At the time you sell your home, move out of your home permanently, or pass away, your home can either be sold or refinanced in order to pay off this loan. If your house is worth more than the balance of the loan at the time it is sold or refinanced, the excess proceeds belong to you or your heirs. If your home is worth less than the balance of the loan, the lender is paid the difference by the FHA insurance fund, in the case of the HECM reverse mortgage. (Home Equity Conversion Mortgage)

The amount of money you are eligible for with North Carolina reverse mortgages, will depend on the age of the youngest borrower on the title to your home, the amount of equity that you have in your home, the FHA lending limit for the county where you live and the current interest rates.

If you think that you might benefit from being able to access your home equity in this way, you can use our reverse mortgage calculator to get an estimate of how much money you might be eligible to receive. After you run the calculator, you may want to request a personalized North Carolina Reverse Mortgages Quote Here.

• Link To North Carolina AARP