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