Maine Reverse Mortgages

A Maine reverse mortgage can help you achieve the financial freedom you deserve while living in the state you love.

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How a Reverse Mortgage Works in Maine

Eligible Maine homeowners hoping to enjoy a greater degree of financial freedom in retirement may want to consider a reverse mortgage as a funding solution. Reverse mortgages allow homeowners to tap into their home equity and use the loan proceeds as a source of spending cash.

You can use a reverse mortgage for any of these benefits:

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Supplementing or delaying Social Security benefits or retirement savings
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Covering the cost of living expenses like groceries and utilities
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Paying for unexpected medicals bills
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Financing home repairs, expansions, or renovations
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Purchasing items for hobbies, leisure, and travel

If you’re looking for more information on how a reverse mortgage (formally known as the home equity conversion mortgage (HECM) program) can help you finance your retirement, please refer to GoodLife’s reverse mortgage guide.

To learn more about the structure of a reverse mortgage in Maine, download GoodLife’s reverse mortgage guide for additional information.

REVERSE MORTGAGE GUIDE

Reverse Mortgage Qualifications & Requirements

The Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA) regulate the HECM program. Maine reverse mortgages must abide by the regulations imposed by those federal bodies.

HECM loan applicants must:

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Be at least 62 years of age
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Own substantial home equity
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Live in the property as their primary residence
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Attend an HUD-approved counseling session
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Maintain all FHA property standards
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Be current on outstanding financial obligations

To more fully understand the requirements, read our informational page on Reverse Mortgage Eligibility. Or, speak with one of our trained Reverse Mortgage Specialists to better understand your specific situation.

Do you qualify for a Maine reverse mortgage?

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Maine Reverse Mortgage Calculator

Our reverse mortgage calculator can give you a free estimate of how much home equity you may be able to access to increase your cash flow.

Reverse Mortgage Calculator
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you may qualify for
Qualification is based on the age of the youngest borrower, appraised property value, and current interest rates. Outstanding financial obligations and closing costs may impact the amount of your available loan proceeds.
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PAYOUT OPTION
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Lump Sum At Fixed Rate
This option allows you to receive a fixed interest rate on loan proceeds by taking a large, one-time payout at the time of close.
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Lump Sum At Variable Rate
By taking a portion of loan proceeds in a lump sum at the time of close, you can later withdraw additional funds at a variable interest rate.
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Line of Credit
A HECM credit line offers greater flexibility by allowing you to access loan proceeds as-needed. You only pay interest on the money you use, and the line of available credit grows over time.
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Contact our licensed reverse mortgage experts for an exact quote
Learn more with a free guide

Maine Reverse Mortgage Process

Those looking for a fast, secure, and high-value Maine reverse mortgage will appreciate GoodLife’s years of experience helping seniors acquire the retirement funding they need. Our reverse mortgage application process is simple, requiring just a few steps to complete:

Consultation

First, we’ll go over the reverse mortgage qualifications in Maine and discuss the terms of your loan. During this phase, we will confirm that this financial product will be a useful solution to help you secure retirement financing.

Counseling

The HUD requires all HECM applicants to meet with an approved counselor to help ensure that a reverse mortgage is the best choice. Once you’ve met with this unbiased third-party, you can begin your application.

Application

After you’ve met with the counselor and submitted your application, an appraiser will survey your home to verify that it meets FHA standards, and to determine the amount the home is worth. For a sneak peak at the amount you may qualify for, you can use GoodLife’s reverse mortgage calculator for a free estimate.

Funding

Once your application has been processed and approved, you may choose to receive your loan proceeds as a lump sum, a line of credit, or in monthly installment.

Reverse Mortgages in Maine: FAQs

How are reverse mortgages calculated?

The total value and borrowing limit of an HECM loan is determined by three factors: 1) the youngest borrower’s age; 2) the property’s appraised value; 3) current interest rates.

How are interest rates determined?

Interest rates can vary depending on current conditions, and an individual loan’s rate can be fixed or variable. An HECM lender will use an index and margin to determine the appropriate rate for your loan.

Do you make monthly payments on a reverse mortgage?

Monthly payments are not required on an ME reverse mortgage until a maturation event, at which point the loan becomes Due and Payable — though borrowers do have the option to begin making payments prior to this date.

For more information on Maine reverse mortgages, refer to GoodLife’s informative reverse mortgage FAQ. You can also contact one of our Reverse Mortgage Specialists to find out more.

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Download the Reverse Mortgage Guide

Fill out the form to download our comprehensive GoodLife Guide to Reverse Mortgages or call to speak with a GoodLife Specialist!

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