Some basics about reverse mortgage financing
Benefits of a Reverse Mortgage— It is not for everyone but can REALLY help certain folks! If you’re 62 years old or older and in need of supplemental income, consider a reverse mortgage. This is a special home loan that allows you to convert equity in your home into cash. Make your home, your biggest and most valuable asset, work for you by obtaining financing to help you pay for basic expenses including: · Paying off current mortgage · Healthcare expenses · Supplement retirement income · Home repairs or renovations With a reverse mortgage you are able to convert part of the equity in your home to cash without having to sell your home or pay additional bills. This program is perfect for seniors (62 years old+) who have little to no other assets and need extra income. You don’t make payments on the mortgage BUT you do need to pay taxes and insurance each year . The amount approved for the reverse mortgage must be enough to cover pa