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Find your city and get information on a reverse mortgage in Bailey Island Maine

The first step in the reverse mortgage process is to educate yourself about the product. You have taken the first step! A great place to start the reverse mortgage process is the Bills.com Savings Center, as we have plenty of trusted lenders who are just waiting to help. But don't just take our word for it, do your own research and make sure you ask your lender plenty of questions. Do they have testimonials from other customers? Are they registered with the Better Business Bureau? Seek advice from trusted friends or others who have gone through the process as well, as having gone through the reverse mortgage process, their perspective can be invaluable. The reverse mortgage process is highly regulated by the federal government to insure borrowers do not put themselves in danger of losing their home.

Reverse Mortgage Loan Types

There are three versions of the reverse mortgage. They include single-purpose reverse mortgages, which are offered by some state and local government agencies and nonprofit organizations; Home Equity Conversion Mortgages (HECMs) which are a federally insured HUD product; and proprietary reverse mortgages, which are issued by commercial mortgage lenders. Single-purpose reverse mortgages are not available everywhere. In states and cities that offer them, they are a very low-cost arrangement and usually available only to low- and moderated-income households. There are no limitations on the use of funds generated by HECMs or proprietary reverse mortgages, and they are available everywhere. They are more expensive than single-purpose reverse mortgages. The amount you can borrow with either of these models depends on a number of factors but generally speaking, the older you are and the more equity you hold in the home the more you can borrow.