In order to qualify, you must be a minimum of 62 years old. A Reverse Mortgage is NOT a traditional loan where you make payments. The lender either pays you in a onetime lump sum, or monthly payments. You still continue to pay for your homeowners insurance and taxes and must maintain the property. Reverse Mortgages can be used to purchase a house or for refinances.
- A home loan designed to meet the needs of retirees on fixed income
- Funds borrowed require no monthly mortgage payments
- Use this tax-free cash for virtually anything (supplement social security income, pay for long term care etc.)
- Loan is repaid when the last surviving borrower passes away or sells home
- Any remaining equity belongs to your heirs or estate
Call for more details: 888-660-3696