Reverse Mortgage Loans in Dayton and Cincinnati, Ohio | Carlos Scarpero, Mortgage Loan Officer in Dayton, Ohio, NMLS #1674385

Reverse Mortgage Loans in Dayton and Cincinnati, Ohio

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Reverse Mortgages, also known as Home Equity Conversion Mortgages (HECM) allow seniors 62 and older to purchase or refinance their home and cash out equity with no monthly payments. The borrower retains title to the property.

Minimum Credit Score: None
Other Requirements: All borrowers must be 62 or older


Frequently Asked Questions About Reverse Mortgage Loans

What is a Reverse Mortgage?

A Reverse Mortgage, also called Home Equity Conversion Mortgages (HECM) is a mortgage loan program through FHA for borrowers 62 years of ago or older to cash out their equity with no monthly payments.

Am I selling my house to the bank?

No, this is a common misconception about the Reverse Mortgage program. The Reverse Mortgage is simply a loan on the property that needs to be paid back when the senior passes away or moves out.

Is there interest on a Reverse Mortgage?

Yes, the interest is simply added to the Reverse Mortgage balance. Because of this, you cannot borrow the full value of your property.

Can I purchase a home with a Reverse Mortgage?

Yes! One common method of downsizing is to take the proceeds from the sale of the current home as the down payment and then use a Reverse Mortgage for the balance. Now you have a nice home with no monthly payments. This will save your cash and will allow you to get you a nicer home than just paying all cash for a new home. 

Are Reverse Mortgage proceeds considered income?

Reverse Mortgage proceeds are not considered income. The proceeds are not taxable and also do not affect benefit qualifications.

Can I get a Reverse Mortgage if I have a mortgage now?

Yes, but there needs to be enough equity in the home to pay off the current mortgage at closing.

How much money can I get with a Reverse Mortgage?

There are 3 variables that determine Reverse Mortgage loan amounts. These are: age of the borrower, interest rate and whether a monthly payout or lump sum payout is requested. Typically, this calculation comes out to between 35 and 60% of the value of the home. When you apply with us, we will let you know exactly how much you can get before you make any commitment.

What are the credit score requirements to get a Reverse Mortgage?

Since there are no monthly payments required with a Reverse Mortgage, there is no minimum credit score. However, we may set aside a portion of the loan proceeds to pay for taxes, insurance and repairs if the borrower has a history of late payments.

Is there mortgage insurance with a Reverse Mortgage?

Yes, but it works differently than the way mortgage insurance works on other types of mortgage loans. With a Reverse Mortgage, the insurance simply insures that the loan balance will never exceed the property value.