Reverse Mortgages in Draper

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A reverse mortgage is a government backed home loan for homeowners over 62 who have paid off their homes or only owe a small amount. These mortgages allow seniors to convert their home’s equity into cash for income, bills and so on. Unlike traditional home equity loans, reverse mortgages in Draper don’t require the borrowers to pay back the loan until they no longer use the home as their primary residence or until their death. What’s better is there are no monthly mortgage payments associated with the loan.

Homeowners who go with a reverse mortgage can choose to receive payments in the following ways:

Term

Equal monthly payments for a fixed number of months

Modified tenure

Combination of line of credit and scheduled monthly payments

Modified term

Line of credit plus monthly payments for a fixed number of months

Line of credit

Installments accessed at the homeowners choosing

Single disbursement lump sum

A lump sum dollar amount given to the homeowner at closing

home equity loans Draper

Home Loan Draper programs we provide include: