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Reverse Home Mortgages

New Mexico Reverse Mortgages

by Jill Morrison

Residents of New Mexico may want to consider New Mexico reverse mortgages when planning for retirement. Reverse mortgages allow seniors to take home equity as cash. With reverse mortgages, you will no longer need to make monthly payments on your home. In fact, the lender will pay you monthly instead; or you can choose to receive your payment as a line of credit option.

New Mexico reverse mortgages can only be obtained by senior citizens ages 62 and older. You will not need to submit to a credit check to obtain this loan, unlike traditional home loans. Reverse mortgage loans are ideal for seniors who have a low mortgage loan balance or who own their home outright. With reverse mortgages, seniors can live in their homes without making monthly payments on their home loan.

Types of New Mexico Reverse Mortgages

Two choices in New Mexico reverse mortgages are available to senior citizens. The first choice is the federally insured FHA loan. 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 current interest rates, the value of the house, and age.

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

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