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Bank of America Reverse Mortgage

Bank of America Reverse Mortgage solutions are available under fixed-rate as well as adjustable-rate options. You are free to choose either of the two as long as you satisfy the preconditions associated with them. A reverse mortgage works just the opposite of a traditional home mortgage. Here you use available home equity to get finance for a variety of expenses.

Though you are not required to make monthly payments, you have the flexibility to use your funds over and again by paying down the balance under an adjustable-rate Home Equity Conversion Mortgage (HECM) program. This program is also available at fixed interest rates. This flexibility is not available with BofA proprietary product, but it can suit your need if you want a jumbo loan beyond the FHA national lending limit.

The only requirements to qualify for BOA reverse mortgage programs are age, which must be more than 62 years, and your complete ownership of the house. The bank doesn’t require income proof or credit score either. Generally, the house is sold after the death of the homeowner to pay off the loan balance. However, you can use other funding sources to pay the mortgage and retain homeownership during your lifetime.

Bank of America Reverse Mortgage Calculator

How much you can get under a reverse mortgage program depends on a number of factors, such as your age, home appraisal value, current interest rates and the product you have chosen. You can get an estimate of the amount you can borrow by using Bank of America reverse mortgage calculator, which takes into account most of these factors while performing calculation.

Go to reversemortgage.bankofamerica.com to see a sample of how this calculator works online. To explain here briefly, it will ask you to enter details regarding your date of birth, location of property and the value of your home. You will also need to provide information regarding any outstanding mortgages or liens that your home still carries.

Note that the result that this calculator will generate is not binding in any way to the bank regarding your eligibility for a program or the availability of a product to you. To get more accurate information contact Bank of America reverse mortgage division or talk to a loan officer or reverse mortgage specialist.

Bank of America Reverse Mortgage Department

For issues concerning fees, payment, servicing and complaints, you need to contact Bank of America Reverse Mortgage Department, which is accessible via phone, Internet and through a banking center. The department may be contacted for information regarding careers and jobs also.

Most fees required for a reverse mortgage product are similar to those you would pay for a first mortgage, such as origination fee, counseling fee, closing costs, servicing fee and mortgage insurance. BAC reverse mortgage products are also available at wholesale mortgage brokers and correspondent lenders.

Here is the contact detail of Bank of America reverse mortgage department.

Phone Number: 1.877.245.8852

Website: reversemortgage.bankofamerica.com


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