Reverse Mortgage

REVERSE MORTGAGES

If you are over 65 years of age, a reverse mortgage is a home loan product that lets you tap into a portion of your existing home equity for cash. The equity that you have built up all these years can now be paid out to you. However, instead of having to repay this money in the form of mortgage payments, no monthly payment is due. In fact no payment is required until you no longer use this home as your primary residence. Reverse mortgages benefit seniors who may need supplemental income, who are trying to avoid foreclosure, who may need to remodel their home or need to purchase life insurance. There are several variables that help determine how much equity may be paid. Basically, the more your home is worth, the older you are, the lower the interest rate, the more money you can access.

There are five payment receipt options. Tenure will pay equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence. Term provides equal monthly payments for a fixed period of months selected. Line of Credit allows flexible unscheduled payments or installments, at times and in amounts of your choosing until the line of credit is exhausted.   Modified Tenure is a combination of a line of credit and monthly payments for as long as the borrower remains in the home. Modified Term combines the line of credit plus monthly payments for a fixed period of months selected by the borrower.

Prequalify for a Reverse Mortgage

If you’d like to get a quote on a reverse mortgage, click here to get started and a member of our Team will contact you within one business day. It’s that simple! Come on, Call The Money Man, and let us show you what makes us different.

 


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