Reverse Mortgage In Ct

Many people on fixed incomes are finding it difficult to make ends meet these days. Increases in energy, food, transportation and other essentials are making it tougher every day. For the elderly, increases in insurance, medical care and medication are making it nearly impossible for some to survive. An increasing number of elderly are now turning towards their investments to make it through each month. Reverse mortgages in Connecticut are now gaining consideration by elder living here, giving them access to the value locked up in their housing investment without needing to cash in the total investment.

A reverse mortgage is a special type of home loan that enables older homeowners, over 62, to covert a portion of the equity in his or her home into tax free income. The equity built up over years of home mortgage payments can be the largest single investment holding for most elderly individuals. These types of mortgages are unlike a traditional home equity loan or second mortgage, when a lump sum is provided and then repaid over time. With a reverse mortgage, a lender makes payments to the borrower without giving up title, or selling the home. Also the loan does not need to be repaid until the borrowers no longer use the home as their principal residence.

There are several ways that you can receive your cash from a reverse mortgage:

  • All at once, in a single lump sum of cash;
  • As a regular monthly cash advance;
  • As a "creditline" account that lets you decide when and how much of your available cash is paid to you; or
  • As a combination of these payment methods.

    • No matter how the loan is distributed to the borrower, it typically does not need to be paid back to the lender until either both owners die or permanently move out of the home.

    It is recommended that you meet with an independent reverse mortgage counselor before applying for the program. The counselor can educate you about the reverse mortgage, alternatives and assisting in determining which product best fits your needs. If you would like to receive more information concerning reverse mortgages in Connecticut, you should contact the Connecticut Housing Finance Authority. You can also receive free information about reverse mortgages by calling AARP. Since your home is probably your largest single investment, it's smart to know more about reverse mortgages, and decide if one is right for you!



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