District of Columbia Reverse Mortgages
How Home Point Financial Reverse Mortgages Work
A Washington DC Reverse Mortgage / Loan is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the District of Columbia property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
DC Reverse Mortgage Requirements
- Age requirement: District of Columbia borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- DC employment: No requirements
- Credit score: No requirements
- Health: No requirements
FAQs
Can I lose my home in Washington DC with a Reverse Mortgage? The Bank can only foreclose on your District of Columbia home if you do not 1) pay your homeowners insurance, DC real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the District of Columbia home as your primary residence. You never have to make a mortgage payment. What if I already have a home mortgage? First, your current mortgage and any other liens against the property in District of Columbia will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you. Will a Washington DC Reverse Mortgage cause me to pass debt on to my heirs? A Reverse Mortgage in District of Columbia is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the District of Columbia home is greater than what is owed, the heirs inherit the additional money after the loan is paid. Are District of Columbia (DC) Reverse Loans high-risk? A number of safeguards have been built into the program, including mandatory HUD-approved counseling in District of Columbia, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
District of Columbia Reverse Mortgage Lender
Apply now or contact the District of Columbia Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in the District of Columbia.
