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Reverse Home Mortgages

Alaska Reverse Mortgage

by Jill Morrison

When planning for retirement in Alaska, you may want to consider an Alaska reverse mortgage loan. Reverse mortgage loans are best suited for individuals who need more money for retirement, but who do not want to sell their home to obtain funds. These loans are relatively new and are only available to Alaska residents, ages 62 or older.

Types of Alaska Reverse Mortgages

There are two main types of Alaska reverse mortgages. FHA-HECM loans are federally insured so that there will be no loss to the lender or the borrower. It has income payment options that are flexible and line of credit options. The borrower retains the title and full ownership rights on the property. Repayment on the loan must be made after vacating the home.

The second Alaska reverse mortgage option is the Homekeeper loan. This loan is guaranteed by the private mortgage company, Fannie Mae. The maximum lending limit on the Homekeeper loan is higher than FHA loans and it has line of credit options. Fannie Mae loans are available through various lenders.

Fees may differ from loan to loan. Mortgages are offered by banks, mortgage companies, and other types of financial institutions. Government loans usually have lower fees than private sector loans. Alaska citizens have many options and should carefully determine which type of loan will suit them best. A good way to determine which loan is best for you is by visiting a reverse mortgage consultant.

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