Venus Reverse Mortgages Questions and Answers

Venus Reverse Mortgages Frequently Asked Questions and Answers

What is a reverse mortgage?

Reverse mortgage is a simple process that allows senior homeowners to tap into their equity without breaking the bank due to required monthly payments. This type of mortgage system allocates a portion of the homeowner’s home loan so that it maybe converted into cash.

Unlike second mortgages or traditional home equity loans, the borrower(s) is not required to do repayment until he or she no longer uses the home as their principal residence. Reverse Mortgage programs such as those provide by Venus Reverse Mortgages are federally insured and follow U.S government standards.

How do I qualify for reverse mortgages?

To qualify, the borrower must be 62 years or older. Like a bottle of the red wine, older the better.
Borrower establishes the home as the primary residence and this is done by showing ownership and dwelling in the said property.
A substantial amount of home equity must be available.

Are there any restrictions to equity use?

There are none, equity from reverse mortgages are at the borrowers disposal. It can be used to pay of debts, car insurance, health care, property taxes, living expenses, gifts, education for grandchildren, travel, home improvements or even to pay of mortgage debts!

How much money can one receive from reverse mortgages?

The amount is determined by the value of your home, current interest rates and also by the number of homeowners as well as their age.

How do I receive payments?

Tenure – equivalent monthly payments, with at least one living borrower still occupying the primary residence.
Term – equivalent fixed monthly payments
Credit line - payment made thru installments, time and amount as specified by borrower up until the credit line is exhausted.
Modified Tenure – aside from the monthly payment a portion is exhausted like a credit line.
Modified Term – fixed monthly payments with a credit line that is at the disposal of the borrower.