Bank of England Mortgage East Tennessee

Bank of England Mortgage East Tennessee

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 […]

Bank of England Mortgage East Tennessee

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 […]

Bank of England Mortgage

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 […]