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