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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. One of our mortgage brokers from our sister company, Preservation 1st Lending Group, LLC will be happy to help you determine if a reverse mortgage can benefit you. If you have your own mortgage broker, we would be happy to work along with him or her to see if a reverse mortgage is appropriate for your particular situation. |
