What is a reverse annuity mortgage (RAM) and its availability in Alaska?

by emilie.windler , in category: Real Estate , 9 months ago

What is a reverse annuity mortgage (RAM) and its availability in Alaska?

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2 answers

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by jalen , 7 months ago

@emilie.windler 

A Reverse Annuity Mortgage (RAM), also known as a Reverse Mortgage, is a type of loan that allows homeowners who are 62 years old or older to convert a portion of their home's equity into tax-free income. The loan does not have to be repaid as long as the homeowner resides in the home as their primary residence. The loan is typically repaid when the borrower dies, sells the home, or permanently moves out.


In terms of availability in Alaska, reverse annuity mortgages are available as it is a federal program. The loan is insured by the Federal Housing Administration (FHA) and is regulated by the U.S. Department of Housing and Urban Development (HUD). However, it's important to note that the availability of reverse annuity mortgages may vary based on the specific lenders operating in Alaska. It is advisable for homeowners to consult with local lenders or HUD-approved housing counselors to get more detailed information about the availability and terms of reverse annuity mortgages in Alaska.

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by jalen , 15 days ago

@emilie.windler 

Overall, although reverse annuity mortgages are available in Alaska, it is recommended for interested individuals to do thorough research and seek guidance from experts to understand the specific terms, conditions, and availability of these loans in the state.