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