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 Reverse Mortgages
Reverse mortgages (also called home equity conversion loans) enable homeowners 62 years of age and older to access the equity in their home without selling their home. These are government backed loans that enable seniors to make key choices to help them live their lives unconstrained by financial worries.
Repayment is not necessary until the last borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash by refinancing or selling the property. The borrower will never owe more than the market value of the home!
Reverse mortgages do require you be
at least 62 years of age, have equity in your home and maintain the property as your principal residence.
Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits.
If today's economy has taken a toll on your finances and you are confronted by mounting health care costs, it may be tim e to take a look at the option of a reverse mortgage.
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