A reverse mortgage is a government insured program for seniors over 62. Qualified homeowners can receive tax free money that ranges from approximately 40% to 75% of your homes value. You do not have to make repayment as long as you live in the home. When the last surviving spouse dies or permanently moves from the home the loan plus interest is repaid. Government insurance guarantees the loan balance will not exceed the value of your home.
Title remains with the homeowner. You can use the funds for any purpose. The money can be taken as a lump sum, monthly payments to you, or a combination of cash and income. There is no requirement for good credit and there's no income requirement to qualify. If you have an existing mortgage it can be paid off, eliminating your monthly mortgage payment. This is possible if you qualify for an amount equal or greater than your current loan.
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The country's recent economy woes have more and more seniors looking at reverse mortgages. More and more seniors are finding themselves falling short when it comes to living expenses. The truth is, a reverse mortgage enables senior homeowners to tap into their home's equity. Many seniors can benefit from taking advantage of a reverse mortgage. A reverse mortgage can mean the difference between financial struggle and a comfortable and enjoyable retirement. Or maybe your intention is to use the money for a new business venture – or investment. You can! – it’s totally up to you what you do with your money. That being said, the decision to get a reverse mortgage should be taken seriously and you should not jump into one without doing your research first. That's where we come in.
Our intention is to give seniors information needed to intelligently pursue the best reverse mortgage options for their particular situation. Different factors come into play – the equity built up in your home, your age, and other factors which we’ll cover.
By visiting and educating yourself with our site, you will be better armed before starting the process. It’s a big step and one that you’ve probably never encountered before – as it’s only available to seniors. Not all reverse mortgages are alike. We will show you ways to save money and supply you with the knowledge to make the process go smoothly with no hidden surprises.
The current economic conditions has the mortgage market in a major slump but the same situation is causing an upsurge in the reverse mortgage business. According to federal housing numbers, the number of reverse mortgages hit 112,015 in 2008 which is up from the 2005 statistic of 43,082. Before making any moves to acquire a revere mortgage, meet with a trusted reverse mortgage advisor or counselor to walk you through all of your options. Before your first meeting it would be to your advantage to learn everything you can about the reverse mortgage process. Most importantly, learn how you can save money in the process.