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Are you 62 Or Older? Click here to read a brief fireside chat with Larry DeFeo
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Reverse Mortgages are helping older Americans across the country achieve greater financial security. It is a safe and easy way for seniors to turn their home's equity into an additional source of income to meet any financial need.
By converting equity into income, a reverse mortgage is a way to stay in your home and receive cash to use for any purpose- whether it's day to day living expenses, home remodeling or repair, paying off existing debt, earning a college degree, or traveling the world. Unlike traditional home equity loans, this product does not require repayment of any kind until the home is sold or the borrower permanently leaves their residence. You retain the title and you remain living in your home.
Qualifying for a reverse mortgage is simple. Borrowers need to be at least 62 years of age, own their own home, have a minimal mortgage, if any, and occupy the property as their primary residence. In addition, there are no income, credit or medical qualifications necessary to be eligible for this loan. The size of the reverse mortgage granted depends upon the applicant's age, the type of reverse mortgage sought, the home's value, and interest rates.
Proceeds are paid in any combination of the following:
- Lump sum.
- Monthly payments for the life of the loan.
- Term payments for a specific period of time.
- Line of credit, with growth (not available in TX.)
- Combination of monthly payment and line of credit (not available in TX.)
Reverse mortgage borrowers may use the proceeds for whatever they wish, including:
- Paying off debts, including mortgage and credit cards.
- Make home repairs.
- Pay for home health care.
- Additional retirement investments.
- Travel.
- Long-term health insurance.
- Pay for college tuitions.
Please contact us to discuss this exciting program for seniors. We would be more than happy to give you details specific to your situation. |
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