What You Need To Know About A Reverse Mortgage?

A Reverse mortgage loan is designed to allow senior homeowners (55+) to borrow up to 55% of the value of their home., thereby allowing you to convert your home equity into money available to you. This can be done as either a one-time lump sum payment, or you can choose to receive monthly payments.

While a conventional mortgage provides you funds to buy a house, a reverse mortgage is the opposite. A reverse mortgage advances you the funds from the house you already own. In these times of declining pensions, increased longevity, and costly long-term care, a reverse mortgage may be just what you need?

A Reverse mortgage does not require income to qualify but some income is required to pay for property taxes and home expenses. Because they are secured by your home, reverse mortgages are considered mortgage products, as opposed to other lines of credit, and require minimal monthly repayment during the borrowing term.