Reverse Mortgages for Alaska Senior Citizens

Senior Citizens Homeowners now have the ability to convert the equity in their property into cash or monthly income without losing control of their property and without assuming the burden of monthly payments. This option is the "Reverse Mortgage". A Mortgage that pays you rather than you paying it.

There are plenty of misconceptions and lots of misinformation regarding  Reverse Mortgages.

First, you do not give up ownership or control of your property. You have the right to occupy and enjoy your home for the rest of your life, no matter how long you live. A Reverse Mortgage is not due until all borrowers are deceased. You cannot outlive a Reverse Mortgage Contract. 

Second, you do not give up the equity in your home. Your heirs inherit any equity remaining in your property. They have the option to pay off the Reverse Mortgage either  by refinancing or by selling. Any equity remaining is theirs to do with as they wish. Your heirs are given adequate time to accomplish this as long as they are making a good faith effort to retire the balance due on your Reverse Mortgage. If there is insufficient equity remaining to pay off the mortgage your heirs can simply sign over the property and walk away. Your estate & heirs have no further liability.

Third, you do not have to own your property "Free and Clear". Many seniors obtain a Reverse Mortgage simply to retire existing debt. No more Mortgage Payments for as long as you live!!!

Fourth, A monthly income is not the only option. You can take a Lump sum at closing, A Credit Line which can be drawn on as needed, A stipulated amount at intervals of your choice, or a monthly payment guaranteed for as long as you live. 

Fifth, You can do anything you want with the proceeds of the Reverse Mortgage. There are no conditions on the use of the proceeds, after all it is your money.

Sixth, Credit is not an issue. You can be one day out of Bankruptcy and still get a Reverse Mortgage. The only criteria are age, home value, and property lendability.  Your property must be in lendable condition. If you have an existing mortgage there must be sufficient equity to retire it. The amount you are eligible for is determined by a combination of attained age, property value & life expectancy.