Here you can get information related to Maine Reverse Mortgages. Our staff is constantly updating information relevant to Reverse Mortgages in Maine so check back often and fill out our form below to get a quote today!

Reverse mortgages were actually invented in Maine in 1961. Nelson Haynes at Deering Savings and Loan in Portland approved the first of these loans, which allow elderly homeowners to cash out the equity in their homes. Maine, with the highest average age of any of the United States, is still fertile ground for such loans.

As in the rest of the country, in Maine reverse mortgages are administered by the United States Department of Housing and Urban Development. They are available to homeowners who are minimum of 62 years of age on their primary residence. To qualify, an applicant must stay current on any Federal debt.

Reverse mortgages are useful in a variety of situations, such as when a homeowner had planned to sell a house at retirement but choose instead to remain there. A homeowner who needs to stay in a home but cannot afford to do so is a great prospect for a reverse mortgage. The money may come in a lump sum, as a revolving line of credit, as a series of payments or in some combination.

Reverse mortgages need not be repaid until the homeowner dies or moves or the home is sold. Should the heirs wish to keep the property, they must come up with the money to pay the reverse mortgage. Heirs with good credit can often refinance the home at a reasonable rate.

Reverse mortgages meet the need of many elderly homeowners. They permit residents to stay in their homes when they might otherwise not be able to do so. Like all loans they have disadvantages and should be carefully researched, but in Maine reverse mortgages are a valuable wealth management tool.