Is A Reverse Mortgage Right For You?
For elderly homeowners on a tight budget, the reverse mortgage program provides much needed cash flow relief.
Reverse Mortgages are designed for older home owners who need access to their home equity in order to subsidize their income. With a reverse mortgage, you no longer have to make monthly payments (just property taxes and homeowners insurance). Instead, the homeowner is provided a lump sum and/or monthly disbursements of their home equity until they sell the house or transfer title.
Qualifiers
- Over the age of 55
- Own your home
- Have over 50% Equity in the property
- Can borrow up to 55% of the property value
Benefits
- Increase your monthly cash flow or take a lump sum payment
- Stay in your home
- No interest or payments are made to the lender until the home is sold or transferred
- Live a more comfortable lifestyle