Reverse Mortgages – How it Works!

Reverse Mortgages - How it Works!


Reverse Mortgages – How it Works!

reverse-mortgages-alpinecredits-canadaReverse mortgages are a product that allows a homeowner to borrow money against the equity in their home and, the borrower does not have to begin repaying the loan, or any interest on the loan until the home is sold, or until the owner of the home passes away. This type of mortgage is generally used in retirement, and requires the borrower to own their own home, and be at least 55 years of age. Also, the borrower’s credit score does not affect their ability to receive a reverse mortgage, as they will already have the home equity that will be used to later repay the loan.

How It Works

Let’s say you own a home valued at $600,000. A reverse mortgage lender gives you $150,000 with an interest rate of 5% and leaving you with $450,000 in equity, assuming you don’t have any other mortgages on the home. The annual interest rate will be $7,500 ($150,000 x 5%). At the end of the year, the new mortgage balance will be $157,500 ($150,000 + $7,500) and the new amount of equity will be $442,500 ($450,000 – $7,500).

How Alpine Credits Can Help

Do you have a reverse mortgage that isn’t permitting you to take out as much money as you need?

At Alpine Credits, if you have a reverse mortgage, but wish to acquire additional financing to better fit your needs or changing situation, we can offer you a home equity loan. This loan will use the remaining equity in your home as collateral and may be the solution you need to help finance your retirement plans.

The Process

If you think this loan would be right for you, Alpine Credits can help by offering you a home equity loan so you can start enjoying your retirement today. If you own your home, you can apply in two simple ways: complete our online application or speak to one of our lending specialists at 1-800-587-2161. Our lending specialists will work with you to understand your situation and recommend the best loan structure for your needs.[/fusion_text]


  1. janet gregory : August 21, 2015 at 9:24 am

    we have line of credit of 236.000.00 ,house is worth about 320.00.,00 ,i need to borrow 11,000.00 for new roof ,either by loan or reverse mortgage is this possible based on our equity

  2. I have a luxury villa bungalow on the Lake Shores of lake Huron St Joseph Shores #1 adjacent to Tennis court, Walking distance to Golf, Boating ,Surrounded by 6 homes in the !.6 million out of 15 homes on my street Moore crt . Four years ago A certified Appraiser Value was $700,000 I need a second Mgt to pay 82,000 due Sept 29/2015 high interest Rate A private lender.. My Property is Almost One acre House $4300 sq ft New Roof 2013 . June 2014 New part and new motor in the furnace. New carpet upstair & downstair. 4 B R. 3 Fireplace, Special tile imported from Italy cost $ 30,000, Amazing landscaping mature Trees, bushes flowers annual See Web site I am a young senior living by myself as widower. I need to to restructure my finance ASAP because 3 year ago I suffered a major lost in my small Company 496,000 three of my customers same group Amore Foods Corp. went in Receivership . otherwise I would be OK today, I am 78 and in good health so far. thanks to God and good living Yours truly

  3. These topics were all jargons for me before, now I learned a lot. Finance is a great thing too.

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