WHAT IS A REVERSE MORTGAGE?
A Reverse Mortgage is different from a conventional loan in that you don’t have to make mortgage payments on a Reverse. It can be used to purchase a home or refinance an existing loan. If used as a purchase loan, the borrower will put a down payment on the property and have no mortgage payments for life. If the loan is used for a refinance, you can pay off your existing mortgage and convert the home equity into cash without the need to sell or relocate. There are many ways to use a Reverse Mortgage for retirement and tax planning. Benefit from the backing of the U.S. government through the Department of Housing and Urban Development (HUD). Seize the opportunity to enjoy financial flexibility and security in your golden years. Contact us now to explore the possibilities of reverse mortgage loans tailored to your unique needs.
DO I QUALIFY FOR A REVERSE MORTGAGE?
You must be age 62 or older and occupy the home as your primary residence. You will need to have sufficient equity in the home and the more equity you have, the higher the potential loan amount. Each borrower listed on the title must attend HUD counseling and sign the loan papers.