Reverse Mortgages
A reverse mortgage is similar to a home equity loan but with some differences. It only applies to homeowners that are at least 62 years old. It is a home loan that you do not have to pay back for as long as you live in your home. While most homes qualify, co-ops and mobile homes usually don't.
Are you interested in a reverse mortgage? Contact a lender today.
Reverse mortgages are paid back when the last living borrower dies, moves out of the home, or sells the home. The amount you are eligible for is dependent on a number of factors, such as the home's location and value, the cost of the loan, and the age of the person seeking to take out the loan.
You can receive your money one of the following ways:
- A Lump Sum of Money
- Monthly Income
- Credit Line
- Combination of Payment Options
There are different types of reverse mortgages available. Reverse mortgages offered by the government are usually for certain circumstances. However, when they are offered by mortgage companies, banks, or any other type of private lender, they can usually be used for anything you desire.
Are you interested in a reverse mortgage? Contact a lender today.
|
