REVERSE MORTGAGE
A reverse mortgage can help you supplement your income so you can settle down and enjoy your golden years.
What is a Reverse Mortgage Loan?
A reverse mortgage is a loan, in the sense that it allows an eligible homeowner to borrow money but it doesn't work the same way as a home purchase loan. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment, or line of credit.
When applying for a Reverse Mortgage loan, here is what you need to know:
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A home loan for seniors ages 62 and older
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Reverse mortgage loans allow homeowners to convert their home equity into cash income with no monthly mortgage payments.
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A reverse mortgage can provide a lump sum or a line of credit that you can access as needed, based on how much of your home you’ve paid off and your home’s market value
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Reverse mortgages can be a great financial decision for some seniors but a poor financial decision for others.
Qualifying for a Reverse Mortgage Loan involves an assessment that looks at your:
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Property Type
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Age, Equity, and Fees
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Counseling
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Collateral Protection
