New Mexico Reverse Mortgage

Basic New Mexico Reverse Mortgage Facts:

In a New Mexico 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 New Mexico Reverse Mortgage is taken out, it is possible to acquire a second (or third) reverse mortgage over the increased equity in the home.

New Mexico Reverse Mortgage Info:

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All lenders are members of the National Reverse Mortgage Lenders Association, licensed to originate reverse mortgages in the states in which they are listed,and have signed NRMLA's Code of Conduct

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Further New Mexico Reverse Mortgage Info:

To qualify for a New Mexico 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 New Mexico Reverse Mortgage, and for most rNew Mexico 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 New Mexico 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.