Home refinance in Rocky River Ohio 440-457-7733

Reverse Debt Now 440-457-7733 Want a Reverse Mortgage? Home refinance in Rocky River Ohio- A reverse mortgage is the opposite of a traditional mortgage. With a traditional mortgage, you borrow money and make monthly principal and interest mortgage payments. With a reverse mortgage, however, you receive loan proceeds based on the value of your home, the age of the youngest borrower, and the interest rate of your loan. You do not make monthly principal and interest mortgage payments for as long as you live in, maintain your home in good condition, and pay property taxes and insurance. The loan must be repaid when you pass away, sell your home, or no longer live in the home as your primary residence.

• Initial Eligibility Requirements
• Homeowners must be 62 years of age or older and occupy the property as their primary residence
• The property may be a Single family or a 2-4 Unit property
• Townhome, or FHA-approved Condominium
• The home must meet minimum FHA property standards
• Borrower cannot be delinquent on any federal debt
• Completion of HECM counseling

Additional Reverse Mortgage Feature 
A reverse mortgage is a non-recourse loan, which means the borrower (or the borrower’s estate) of a reverse mortgage will not owe more than the future loan balance or the value of the property, whichever is less. If the borrower or representatives of his or her estate choose to sell the property to pay off the reverse mortgage loan, no assets other than the home will be used to repay the debt. If the borrower or his or her estate wishes to retain the property, the balance of the loan must be paid in full.

Bank of England Mortgage has tried to provide accurate and timely information; however, the content of this site may not be accurate, complete or current and may include technical inaccuracies or typographical errors. From time to time changes may be made to the content of this site without notice. Bank of England Mortgage may change the products, services, and any other information described on this site at any time. The information published on this site is provided as a convenience to visitors and is for informational purposes only. You should verify all information before relying on it and decisions based on information contained in our site are your sole responsibility. If you need specific details about any information contained in our site, you should contact Bank of England Mortgage at (440) 457-7733

Bank of England Mortgage is a division of the Bank of England. NMLS 418481 Member FDIC.

Equal Housing Lender.

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