What types of reverse mortgage plans are available?
You can choose either an adjustable rate reverse mortgage or a fixed rate mortgage.
For adjustable interest rate mortgages, you can select one of the following methods of receiving your payment:
- Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
- Term – equal monthly payments for a fixed period of months selected.
- Line of Credit – unscheduled payments at times and in an amount of your choosing, until the line of credit line is exhausted.
- Modified Tenure – combination of line of credit and scheduled monthly payments for as long as you remain in the home.
- Modified Term – combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.
If you choose a fixed interest rate mortgages, you will receive a single disbursement lump sum payment when the loan funds. A lump sum disbursement may affect Medicaid eligibility and should be given careful consideration.
The Mortgage Amount Is Based On:
The amount you may borrower will depend on:
- Age of the youngest borrower on the loan
- Current interest rate
- Lesser of appraised value or the HECM FHA mortgage limit of $625,500 or, if used to purchase a home, the sales price
First Nations has been helping South Carolina seniors with reverse mortgages since 2002. Call us today to discuss which option may be best for you!