A Reverse Mortgage is a loan designed to allow seniors to draw upon the equity in their homes. Seniors can select to receive the loan proceeds either by a lump sum payment, by monthly installments, as a line of credit or as a combination of a line of credit and monthly installments thus providing cash flow even after retirement. The reason this type of loan is called a “Reverse Mortgage” is because the loan proceeds are paid to the home owner.
Eventually the money paid to the homeowner is repaid with interest, however the loan generally does not become due until the borrower passes away, sells the home, no longer maintains the home as the primary residence or fails to pay property taxes, fails to pay homeowners insurance or otherwise fails to comply with the loan terms.
Getting a Reverse Mortgage is a big step and needs to be carefully evaluated. Many people have found that by taking a Reverse Mortgage they avail themselves of the equity they have built in their home.
Typically those who benefit most from a Reverse Mortgage are those who plan to stay in their homes over an extended period and have built a decent amount of equity in their homes.
Contact one of our Reverse Mortgage Planners today to find out if you have enough home equity for a Reverse Mortgage. If you have a good amount of equity in your home and you plan on staying there for an extended period of time then a Reverse Mortgage might be right for you.
If you own your home and are 62 years of age or older, or looking to purchase a home, you might be eligible to apply for a Reverse Mortgage. The home you are thinking of taking the Reverse Mortgage out on must be your primary residence. There are some conditions to what type of home may qualify.
To continue learning more information on the steps with obtaining a Reverse Mortgage, click the following link for our next topic: Steps To Getting A Reverse Mortgage Loan.
We'll help with the calculations and illustrations, allowing you to make an informed choice. Our QuickQuote does not require a credit inquiry and may be modified to illustrate different goals. Each QuickQuote is without obligation, request yours today using this link: Reverse Mortgage QuickQuote.
If you have already received your QuickQuote you may register your Reverse Mortgage application using this link: Reverse Mortgage Application
You may prefer to speak in person and we understand, please call us today at 970-222-0816.