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