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Reverse Home Mortgages

North Dakota Reverse Mortgage

by Jill Morrison

Residents of North Dakota may want to consider a North Dakota reverse mortgage when planning for retirement. Reverse mortgages allow you to take home equity as cash without making regular monthly payments. In fact, the lender will pay you monthly instead. You can also receive your payments in a lump sum or as a line of credit if you desire.

A North Dakota reverse mortgage can only be obtained by residents who are at least 62 years of age. A credit check is not necessary to obtain this type of loan, unlike regular home loans. A reverse mortgage loan is ideal for seniors who own their home outright or who have a low mortgage loan balance. It allows seniors to continue living in their home without making payments on their home loan.

Options in North Dakota Reverse Mortgage Loans

Two choices in North Dakota reverse mortgage loans are available to seniors. The first choice is a FHA loan which is federally insured. This loan has a low amount of fees, flexible payment options, and line of credit options. The maximum amount of the loan is determined by factors such as age, current interest rates, and value of the house.

Homekeeper loans are guaranteed by Fannie Mae, a private national mortgage company. They have some additional fees, but the maximum lending limit is higher than FHA loans. Homekeeper loans have line of credit options and are available through various lenders.

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