Reverse Mortgages
Reverse mortgages are federally insured mortgages that allow borrowers 62 and older to access the equity from their home, whether they are refinancing or purchasing. Funds received from a reverse mortgage can be issued as a lump sum, fixed monthly payments, or as a line of credit, and can be used for a wide variety of reasons. A couple basic requirements include that you live in the property and pay your taxes and homeowner’s insurance.
You will still own your home.
You retain the title and ownership during the life of the loan and can sell your home at any time.
You can use the proceeds to pay off your existing mortgage.
This may allow you to lower or eliminate your monthly mortgage payments.
You choose how you spend the proceeds.
Many borrowers use it to supplement their retirement income, pay off debt, medical expenses, take their dream vacation, or to remodel their home.
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