Maryland Reverse Mortgage Lenders

Maryland is one of the most densely populated states in the country. Baltimore is by far the largest city in the state. Some of the other more populated cities in the state include Annapolis (State Capitol), Cumberland, Columbia, Germantown, Dundalk and Silver Spring. The state has the highest median household income in the nation. As a result, home values are above the national average, which allows homeowners a backup option in case they need to tap into their home equity to address their daily and monthly expenses.

Reverse mortgage interest have slowly increased over the past few years as the state's property values have recovered from the housing crisis. Seniors who are in dire need of cash and have no other options have being turning to reverse mortgage loans to help pay for bills, medical expenses, in-home nursing care and other big ticket expenses. Qualifying for a reverse mortgage is a lot easier than qualifying for a traditional income. The main requirements are that homeowners need to be at least 62 years or older, have equity in their home and own a qualified primary residence. Borrowers will need to take a counseling session about reverse mortgages to make sure they understand that even though you do not need to make any payments on the loan until you pass away or move, a reverse mortgage is a loan and not just free money.