Reverse Mortgage
Access the value of your home without monthly payments, allowing you to live comfortably in retirement while preserving your savings.
Descriptions
Reverse mortgages are a type of home loan available to homeowners who are 62 years or older. With a reverse mortgage, homeowners can convert a portion of their home equity into cash without selling their home. Unlike traditional home loans, a reverse mortgage does not require monthly mortgage payments. Instead, the loan is repaid when the borrower no longer uses the home as their primary residence.
The loan amount depends on the borrower’s age, home value, and current interest rates. Reverse mortgages can be used to supplement retirement income, pay off debt, or cover unexpected expenses. However, reverse mortgages can have higher interest rates and fees than traditional loans and may affect eligibility for certain government benefits. It’s important to carefully consider the pros and cons before deciding if a reverse mortgage is the right option for you.
- Reverse mortgages are home loans available to homeowners who are 62 years or older.
- With a reverse mortgage, homeowners can convert a portion of their home equity into cash without selling their home.
- Reverse mortgages do not require monthly mortgage payments, but the loan must be repaid when the borrower no longer uses the home as their primary residence.
- The loan amount depends on the borrower's age, home value, and current interest rates.
Other Service
- FHA Loans
- Conventional Loans
- VA Loans
- Specialty Programs
- Self-employed Loans
- Second Mortgage
Get approved for your mortgage today and take the first step toward homeownership with ease.
