A reverse mortgage is a special type of loan that allows older homeowners to borrow against the equity (wealth) in their homes and Bank of England is one of only a few mortgage lenders across the country that can provide this type of loan.
It is called a "reverse" mortgage because, instead of making mortgage payments, you receive money from the lender. It eliminates the mortgage payment and provides you an income stream to meet your needs. Bank of England experienced mortgage bankers and loan officers realize that this mortgage must be explained slowly and correctly so that the client fully understands this type of loan.
- You must be at least 62 years old.
- Your home must be your primary residence.
- You must have paid off some, or all, of your traditional mortgage.
A reverse mortgage is a loan that must be repaid when the home is no longer the primary residence, is sold, or if the property taxes or insurance are not paid. This loan is not a government benefit. Borrower(s) must be 62 or older. The home must be maintained to meet FHA Standards, and you must continue to pay property taxes, insurance and property related fees or you will lose your home.