A reverse mortgage is a loan that you can take out on your home and not have to make payments on for as long as you live in the home.  These loans are for older borrowers (you must be 62 or older), and are very good options for retired individuals as you do not need income to qualify.

With a reverse mortgage, you are loaned a percentage of the value of your home.  This is determined through a formula that takes into account your age and the value of your home.  You can take this loan as a single lump sum, as monthly payments or as a credit line, making it available to you as you need it.

Regardless of the funding option you choose, the loan does not have to be repaid until you die or move.  With no monthly payments to make, you are not in danger of losing your home should your income fail.  In addition, the cash that a reverse mortgage gives you access to allows you the flexibility to live the lifestyle you choose.

If you are a homeowner on a fixed income, or just don’t want to have to worry about making your mortgage payment each month, it is well worth your while to look into a reverse mortgage.  Feel free to contact me for more information.