Loomis Mortgage Reverse

For those that want to establish home equity as a financial thrust, Loomis mortgage reverse is a sound choice. A reverse mortgage is similar to a regular mortgage in that it is a loan on your home, but unlike a regular mortgage a reverse mortgage does not have to be paid back during the lifetime of the homeowner.

The homeowner remains the owner of the property for as long as he lives in the house. The loan only becomes due when he decides to sell the home, moves out or should he pass away. Loomis mortgage reverse is a way of accessing the equity a senior has built up in the home.

A Loomis mortgage reverse gives the senior the use of the equity in his/ her home, but it will not give you a loan on the total value of the home.

The Value of the Loomis Mortgage Reverse

One may ask how much is loaned in a Loomis mortgage reverse. Well it really depends on the value of the home and sometimes the location of the home. The higher the value of the home the more money you will get from a Loomis mortgage reverse. There aren't many requirements for a Loomis mortgage reverse. The most important is that the homeowner must be 62 years of age and own the home outright. If the homeowner does not own the home outright, he may still qualify for a Loomis mortgage reverse, but he must pay off the mortgage balance at closing. Another requirement is that the owner lives in the home that is getting a reverse mortgage for most of the year. The Loomis mortgage reverse only becomes due when the owner sells the home, moves out or even passes away. In the event of his/her death, then his/her estate will be liable for the loan amount.

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