What are the Initial Eligibility Requirements for Reverse Mortgages?

The initial eligibility requirements are quite simple. 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 […]

Reverse Mortgages vs. Traditional Mortgage or Home Equity Loans

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 […]

Does Bank of England Mortgage do Reverse Mortgage Lending in Sevier, Knox, Jefferson, Cocke Counties in Tennessee?

Yes, Bank of England Mortgage in Sevierville TN offers reverse mortgages. They are located at 967 Dolly Parton Parkway in Sevierville (37876). Bank of England Mortgage Tennessee serves the Sevierville, Pigeon Forge, Gatinburg, Knoxville area of East Tennessee including Johnson City and Kingsport.   We are able to serve the full state of Tennessee including Nashville, […]

How Much Money Can One Borrow in a Reverse Mortgage?

In general, the more your home is worth, the older you are, and the lower the interest rate, the more you will be able to borrow. The maximum amount that can be borrowed on a particular loan program is based on these factors: * The age of the youngest borrower at the time of the […]

What are the Requirements to be eligible for a Reverse Mortgage?

Initial eligibility requirements for reverse mortgages are quite simple. 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 […]

How does a Reverse Mortgage Work?

With a reverse mortgage, you borrow against the equity you have established in your home and you do not need to repay the loan for as long as you live in the home as your primary residence, maintain your home in good condition, and pay property taxes and insurance. You can live in your home […]