A Reverse Mortgage is basically the opposite of a traditional mortgage and it enables Seniors, 62 and older, the opportunity to convert part of the equity in their homes into tax-free income - without having to sell the home, give up title or take on a new monthly mortgage payment. In a Reverse Mortgage, instead of making monthly payments to a bank, the bank makes payments to Seniors in return for an agreed-upon interest rate to be paid back upon the demise of the Seniors or when they choose to permanently move out of the residence.
How do we typically fund unexpected expenses?
A Reverse Mortgage can be the PERFECT solution! How can Seniors receive cash?
Seniors can receive their cash in four ways:
- In a lump sum at closing,
- In monthly income payments for either a set term or in monthly payments guaranteed for life,
- In a line of credit that Seniors can access when needed, or
Or, in any combination of the above.
The biggest benefit of the Reverse Mortgage, regardless of which way you decide to receive your cash... NO MONTHLY PAYMENTS.... EVER!
THE BEST PART OF A REVERSE MORTGAGE IS WHO QUALIFIES......
This is simple! If Seniors are US citizens, at least 62 or older and have enough equity in their home, they can typically qualify for a Reverse Mortgage. Unlike a traditional mortgage, there are no minimum qualifications for obtaining a Reverse Mortgage. Seniors do not need income, assets, employment, or minimum health requirements to obtain their new Reverse Mortgage.
