Benefits of a Reverse Mortgage

Taking a loan to buy a home means borrowing a large sum from a bank and paying down that debt to increase equity and wealth in the home. With a reverse mortgage. the opposite is true. Instead of making payments, a reverse mortgage borrower uses the equity to gain income. Throughout the life of the loan the balance gets larger while the equity gets smaller.

Highlights:

• No repayment is made until the home is sold or the owner permanently moves out or passes away.
• Borrower will never owe more that the value of the home.
• No credit or income qualifications
• Interest is paid at the time the loan is repaid.
• SS benefits and Medicare are not affected (consult a tax adviser).
• Borrower owns the home.  The lender does not take control of the title.
• Closing costs and fees incurred can be financed as part of the loan.
• When the loan is due, the heirs have choices.  They can repay the loan and keep the house or sell the home and repay the loan.

 
Who Qualifies

Borrowers 62 and older for property they own and occupy.

Next Step

Click here to contact us today and be on your way in discovering the benefits of a reverse mortgage.

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