REVERSE MORTGAGE
What is Reverse Mortgage? Reverse mortgage is a home loan wherein the borrower will receive the loan amount in monthly instalments for a house he/she owns. A reverse mortgage allows people to pull the equity out of their home. It is a solution that many older people are turning to help them through retirement.
How It Works: ● ● ● ● ● ●
Access a portion of your home’s equity. Percentage is based on age of youngest borrower. Make no monthly mortgage repayments. Funds are tax-free, and may be used for virtually anything. Loan is repaid when you pass away or sell your home. Any remaining equity belongs to your heirs.
What are Reverse Mortgage Benefits? Being able to get an advance on home equity gives seniors the ability to meet increasing financial burdens in spite of a decreasing income. The reverse mortgage benefits is that it allows older homeowners to withdraw some of the equity in their homes and convert it into cash.
Who is Eligible for a Reverse Mortgage? ●
Age at least 60 years old.
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Own your home or have built up equity in your property.
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Have no debts.
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Pay all property taxes, insurance and maintenance fees.
Reverse Mortgage Advantages – ●
Improvement In Immediate Finances
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Flexibility Of Use
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Low To No Defaulting Risk
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Repayment Benefit
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Minimum Requirements
Frequently asked Reverse Mortgage Queries:
Frequently asked Reverse Mortgage Queries:
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