Chattanooga Reverse Mortgage

Basic Chattanooga Reverse Mortgage Facts:

In a Chattanooga Reverse Mortgage, the home owner makes no payments and all interest is added to the lien on the property. If the owner receives monthly payments, then the debt on the property increases each month. If a property has increased in value after a Chattanooga Reverse Mortgage is taken out, it is possible to acquire a second (or third) reverse mortgage over the increased equity in the home.

Chattanooga Reverse Mortgage Info:

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What is a Reverse Mortgage? Think of it as an advance on the equity you have built in your home. The equity in your home works as collateral, and you may receive a monthly payment, lump sum, line of ...

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Other programs of interest include our Senior Advantage Reverse Mortgage program, rehabilitation loan ... 409 South Germantown Road Chattanooga, TN 37411 (800) 866-1707 loan@mortgage-south.com

Further Chattanooga Reverse Mortgage Info:

To qualify for a Chattanooga Reverse Mortgage in the United States, the borrower must be at least 62. The borrower must pay off any existing mortgage with the proceeds from the reverse mortgage and, if needed, additional personal funds. There are no minimum income or credit requirements for most Chattanooga Reverse Mortgage, and for most rChattanooga Reverse Mortgage, the money can be used for any purpose. Some types of dwellings, such as lower-value mobile homes, do not qualify. Before taking out a Chattanooga Reverse Mortgage, applicants must seek HUD approved counseling. The counseling is a free safeguard for the borrower and his/her family, to make sure the borrower completely understands what a Reverse Mortgage is, and what the process of obtaining one is.