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Reverse Mortgages Sioux Falls SD

This page provides relevant content and local businesses that can help with your search for information on Reverse Mortgages. You will find informative articles about Reverse Mortgages, including "What is a Reverse Mortgage ?". Below you will also find local businesses that may provide the products or services you are looking for. Please scroll down to find the local resources in Sioux Falls, SD that can help answer your questions about Reverse Mortgages.

Dacotah Bank
(605) 331-4000
300 S Phillips Ave Suite 100
Sioux Falls, SD
Great Western Bank
(605) 334-2548
200 E 10Th St Ste 100
Sioux Falls, SD
Sioux Falls Federal Credit Union
(605) 334-2471
700 East 14Th Street
Sioux Falls, SD
First American Bank Trust
(605) 978-9314
133 S Main Ave
Sioux Falls, SD
First Magnus Financial Corp
(605) 361-2737
3508 S Minnesota Ave Ste 100
Sioux Falls, SD
Wells Fargo Bank Na
(605) 575-8769
101 N Phillips Ave
Sioux Falls, SD
First National Bank
(605) 782-5710
100 S Phillips Ave
Sioux Falls, SD
First Dakota National Bank
(605) 333-8200
101 N Main Ave Ste 101
Sioux Falls, SD
First Premier Bank
(605) 357-3043
1808 S Cliff Avenue
Sioux Falls, SD
Service First Federal Credit Union
(605) 336-1047
3901 East 10Th Street
Sioux Falls, SD

What is a Reverse Mortgage ?

What is a Reverse Mortgage ?
Tue 10/23/07 11:15:46 am
Income for Sr. Home Owners

everse mortgages are government insured home loans specifically designed for senior homeowners. This type of loan allows a homeowner to payoff their existing mortgage along with a combination of the following: establish a credit line, receive monthly checks, or withdraw cash. The amount of cash available depends on many factors, which we will discuss shortly.

If you choose to get cash with your reverse mortgage loan, you can choose from the following methods:

Tenure - equal, monthly payments.

Modified Tenure - line of credit combined with monthly payments. Term - equal, monthly payments for a fixed period.

Modified Term - line of credit combined with monthly payments for a fixed period.

Line of Credit - payments or installments at the borrower's discretion (much like a standard credit line - use the money only when you choose to).

Perhaps the most worthwhile benefit of a reverse mortgage is that the borrower will not be required to make any mortgage payments for the duration of their stay. That's right: zero payments for the rest of their life or until they move from the home. As you can imagine, zero house payments could drastically alter a person's lifestyle in a positive manner and could do so almost overnight.

In regards to qualifying for a reverse mortgage, there is yet another benefit that is often over-looked: you do not need to verify your income since the loan is based on your home's value. There are no payments to be made, remember? Essentially, you do not need any income nor do you need an outstanding credit report.

When reverse mortgages were first introduced, they allowed the lender to have a stake in the future value of the home. In essence, the lender would profit from your equity even if it extended beyond the original loan amount. Fortunately for seniors, times have changed for the better: regardless if your home goes up or down in value, you will never owe more than the loan amount or your home's current value, whichever is lower.

Another question often asked is: can I outlive my loan? You can never outlive a reverse mortgage loan. So long as you are alive and living on the property, you will never have a mortgage payment for your reverse mortgage. Nor can a lender take your home away from you. As long as you live in your home, pay your taxes and insurance, you can live indefinitely in your home without making a single payment. The amount of money that can be borrowed with a reverse mortgage is dependent upon many factors, including but not limited to: the age of the borrower, the amount of money currently owed on the home, the interest rate, the value of your home, and FHA's lending limits for your area. Typically, the older you are and the less money you owe on your home, the more you can borrow. However, every situation is unique. To get an accurate, approved loan amount, you shoul...

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