A reverse mortgage loan is different than a traditional mortgage. With a traditional mortgage loan, you make monthly mortgage payments, but with a reverse mortgage loan the lender pays you money through monthly installments, a one-time lump sum payment, a line of credit or a combination of a line of credit and monthly installments. The money that you receive is dependent on your age, the value of your home and the current interest rate.
Reverse Mortgage Advantages:
Take advantage of the equity they have built up in your home.
Gives you access to Cash.
Extends the life of your retirement savings.
Counseling for borrowers required to make sure you and your family understand all the pros and cons of the program.
You are not required to pay the loan back until the home is no longer your primary residence.
Who is eligible for a Reverse Mortgage?
If you’re aged 62 or older and own your home, you might be eligible for a reverse mortgage loan. Contact us to find out more about reverse mortgage loans and ways to make it work for you, or apply now and start the process of tapping the equity in your home.
Check out these pages for more information about reverse mortgage loans.