A reverse mortgage is a loan that helps homeowners who are 62 years of age or older to convert the equity mortgage in their home into cash and eliminate future mortgage payments. If you qualify, a reverse mortgage can be a great choice as it has the ability to give you supplemental income for the remainder of your life. Because the amount that you can qualify to receive in a reverse mortgage is different for everyone, it is best identified by speaking to a Mortgage Advisor.
Not everyone qualifies reverse mortgages. In order to receive one, you must meet this criterion:
Research shows that 41 percent of people between the ages of 55 and 64 do not have any retirement savings at all. A reverse mortgage can help provide seniors in this situation or with limited funds the ability to have the money they need for the rest of their lives. A reverse mortgage can also help those who have had a hard time keeping up on payments to stay in their home.
Along with these benefits, there are a few other advantages to getting a reverse mortgage:
There are also some things you need to keep in mind when applying for a reverse mortgage loan, such as:
As with any loan, it is best to talk with reverse mortgage lenders who can find the right plan for you and your situation. Once you’ve found these lenders, you’ll need to discuss any specific details about your situation with them so they can determine the right solution for you.