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Reverse Mortgages allow seniors aged 62 and older the opportunity to access the equity in their homes in either a lump sum or a monthly income. With a reverse mortgage, you receive payments, as opposed to you making payments, hence the name. As you receive payments, the balance accrues and interest compounds, like a normal loan. The benefit of the reverse mortgage is that the loan does not need paid back until the house is sold or until the owner(s) pass away. Also, you can typically get the loan regardless of credit or income. You just have to have equity in your house to do a reverse mortgage. Reverse Mortgages can help people that have most of their assets tied up in their home. It can provide them money to pay their bills or to enjoy life. The amount of the reverse mortgage a person can qualify is based on their age and the value of the house. If you are at least 62 years old, then you automatically qualify for the program, regardless of credit or income. Please contact your mortgage broker to see if a reverse mortgage might make sense for you. |
