With a reverse mortgage, the lender sends you cash, and you make no repayments. So the amount you owe (your debt) gets larger as you get more and more cash and more interest is added to your loan balance. When it is time for the loan to be repaid, the amount of equity in the home covers the outstanding loan amount. The lender is always at risk, not the Alaska homeowner, even if there is not enough equity to cover the total outstanding loan.
Consumer Safeguards
The government of Alaska and the federal government want to make sure that seniors are well educated and are provided financial counseling before proceeding with a reverse mortgage loan. Homeowner will never give up their title and will always have a place to call home in Alaska. The federally insured mortgages are backed by HUD for extra protections and all lenders must follow a set of best practices.
Two Realtors for the price of one? - West Linn Tidings
Two Realtors for the price of one?West Linn Tidings, OR - Jul 31, 2008Originally from Minnesota, Howard went through “a couple of corporate moves” and then transferred here from Anchorage, Alaska, 20 years ago. ...
Reverse Mortgage Loans Alaska is here to help anyone over 62 years of age through the process of understand how a reverse mortgages works. We have mortgage specialist that have been trained and are up to date with the latest rules and regulations. Reverse Mortgage Loans Alaska provides all the information and tools you need to get informed and started. Our lenders have access to many different reverse mortgages loan programs including FHA, NRMLA and HUD products. If you know someone who can benefit or is interested in learning more have them give us a call. We is important for everyone to understand our privacy policy and terms of use before they begin. Reverse Mortgage Loans Alaska is here to help. Copyright 2007 HomeXperts, Inc.
The State of Alaska is located in the extreme northwest portion of the North American continent. It is the largest U.S. state by area (by a substantial margin), and one of the wealthiest and most racially diverse. Alaska has more coastline then all the other US states combined. It is the only non-contiguous state in North America; about 500 miles (800 km) of Canadian territory separate Alaska from Washington State. Alaska is thus an exclave of the United States, part of the continental U.S. but is not part of the contiguous U.S.
