A Reverse Mortgage is a program that allows borrowers 62 years of age or older to utilize the equity in their home to make repairs, invest, or to supplement their monthly income.
Reverse Mortgages are ideal for people want to utilize the equity in their property for an additional source of income.
With a Reverse Mortgage, you take a 1-time payment of the equity in your property, take out a monthly payment of the equity in your property, or take a variation of the both.
Benefits of a Reverse Mortgage
- You can stay in the property for the remainder of your life, with the set payment terms, even if the amount you owe is more than the property’s value.
- A great supplemental form of income.
- No more monthly payments.
- Under some circumstances, you can be in foreclosure and still qualify for a Reverse Mortgage.
- 62 years of age or older
- Must be a primary residence.
- There are Loan-To-Value requirements based on what you presently owe on the home, appraisal, and your age.
To learn more about this please call us today for a free consultation.