A Reverse Mortgage is a popular, but complex, home loan just for senior homeowners. If you qualify for a Reverse Mortgage, you will not have to make monthly payments on the loan. Instead, the lender pays you. Typically, the Reverse Mortgage is repaid from your home's equity when you sell the home, move out permanently, or die. You or those who will inherit from you, can keep any sales proceeds from your home in excess of what you owe the lender.
To qualify for a Reverse Mortgage, you must be a homeowner who is at least 62 years old. Generally, the amount you can borrow depends on the value of your home, the amount of equity you have in the home, and your age at the time of the loan application. The older a borrower, the larger the percentage of the home's value that can be borrowed. Choosing the right Reverse Mortgage can give you greater financial independence and reassurance during your golden years.
The cash you get from a Reverse Mortgage can be paid to you in several ways: • all at once, in a single lump sum or cash • as a regular monthly cash advance • as a "creditline" account that lets you decide when and how much of your available cash is paid to you • as a combination of the payment methods listed above
With reverse mortgages coming on the scene, seniors now have some appealing cash-flow alternatives that they didn't have before. These loan plans allow seniors to convert their home equity into tax-free (consult your tax advisor) without having to sell their current home or take on new monthly mortgage payments. They can receive cash payments and credit lines without incurring monthly payments or having an existing income; nice options that traditional home loans do not offer. Credit is not an issue. These loans can be used by seniors facing foreclosure or bankruptcy.
We have two FREE reports on reverse mortgages. To receive a copy of AARP's publication "Home Made Money - A Consumers Guide To Reverse Mortgages and our report "Reverse Mortgages - The Golden Stage of Life" fill in the fields below.
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Reverse Mortgages
