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