65 yrs of age and upwards.
Although the loan is intended to be up to 5 years-long, and no payments are required for the rest of your term period, you can choose to repay all or part of the loan at any point, earlier than ordinarily anticipated. There is no lock-in, so you can settle the loan early if you so choose.
Unlike a conventional mortgage, there is no need for you to take out life insurance in order to qualify for More2Life . However, you do need to take out building insurance on your property in order to protect you (and us) in case, for example, the property is destroyed in a fire. We will be able to assist you in obtaining life cover should you want it together with one of our affiliated preferred FSP’s.
Who insures the property is not important to us, however, it is important to us that your cover is adequate, and that our interest in the property is noted in the policy.
Interestingly, many of our customers have shown us their existing insurance policies, which are often “tied” to the banks that extend / used to extend conventional mortgages to our customers. These practices are now out-lawed by the National Credit Act, with the effect that our customers can now place their short-term insurance where they choose, often at significantly lower premiums!
65 Yrs or older. The older you are the more you will qualify for on a sliding scale according to the value of your asset.
A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you. However, unlike a traditional home equity loan or second mortgage, borrowers do not have to repay the loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage. You can also use a loan to purchase a primary residence if you are able to use cash on hand to pay the difference between the loan proceeds and the sales price plus closing costs for the property you are purchasing.
Free standing or sectional title homes. You need to live in the house as a primary residence, maintain your home and keep your rates and taxes up to date.
The amount varies and depends on your age and the value of your property.
If there is more than one borrower, we use the youngest age, for example those married in Community of Property.
You must own a home, be at least 65, and have enough equity in your home. There are no medical requirements.
More2Life must conduct a financial assessment of every reverse mortgage borrower to ensure he or she has the financial capacity to continue paying mandatory obligations, such as property taxes and homeowner’s insurance, as stipulated in the Loan Agreement.
If More2Life determines that a borrower may not be able to keep up with property taxes and homeowner’s insurance payments, we may insist to set-aside a certain amount of funds from the loan to pay future charges.
You may qualify for a reverse mortgage even if you still owe money on an existing mortgage. We would settle your current mortgage and I would be added to your More2Life account.
Rejecting a Reverse Mortgage
Yes, it is your responsibility to ensure that your property taxes are paid in a timely manner. Failure to keep your property taxes current is considered a DEFAULT in the terms of your Loan Agreement and may be grounds for calling your loan due and payable.
All borrowers have passed away
All borrowers have sold the property
The property is no longer the principal residence of at least one borrower for reasons other than death
The borrower does not maintain the property as principal residence.
Rates taxes and/or insurance is not kept up to date.
The house is allowed to decay and deteriorate.
Yes. You can pay your reverse mortgage in full at any time during the term of your reverse mortgage.
The reverse mortgage is to be paid in full once it has been called due and payable. You and/or your estate must work closely with your loan servicer to ensure your reverse mortgage is paid in full in a timely manner. If arrangements to pay the reverse mortgage are not made with your loan servicer, then your loan servicer may proceed with foreclosure between 30 days and six months from when your loan has been called due and payable. If you or your estate are actively working to either refinance your property or sell your property so as to satisfy your reverse mortgage, then foreclosure maybe forestalled.