Nebraska Reverse Mortgage

A Nebraska reverse mortgage can be used by Nebraska residents, ages 62 and older. Both reverse mortgages and regular home loans have the ability to turn home equity into cash that you can spend. However, there are some major differences. With reverse mortgages you will not need to make monthly payments on your loan. In fact, the lender will pay you monthly instead.

A Nebraska reverse mortgage allows seniors to retain title and full ownership rights on property without making any monthly payments. The loan will not need to be repaid until the owner vacates the premises. Reverse mortgage loans allow you to take your home equity as cash so you can live in a financially stable environment during retirement. You will especially benefit from a reverse mortgage is you own your home outright or have a low mortgage loan balance.

Types of Nebraska Reverse Mortgage Loans Available

There are two types of Nebraska reverse mortgage loans that you can choose from. FHA loans are federally insured loans and Homekeeper loans are guaranteed by the private mortgage company, Fannie Mae. The type of loan you choose will depend on your age, marital status, value and quality of your house, and the current interest rates.

Fees will differ between the two types of reverse mortgage loans in Nebraska. FHA government loans typically have less fees than Homekeeper loans. However, Homekeeper loans have a higher maximum lending limit than FHA loans. Both types of loans have flexible payment options and line of credit options.