Reverse mortgages may oftentimes feel like a last resort solution, however, reverse mortgages are actually a viable way to gain access to the equity that you have built up in your home. To put in simple terms, a reverse mortgage is one way to convert a piece of your equity into direct cash.
A reverse mortgage is not for everyone, though, and you may need the guidance of a professional to help you decide if it is the right decision for you. Generally speaking, reverse mortgages are in fact very beneficial for seniors ages 62 or older who have high equity held in their home.
Reverse mortgages do not have monthly mortgage payments and you will not be responsible for property taxes, insurance, or any maintenance. You will also have the choice of either a fixed or adjustable-rate options. Your loan amount does not have to be repaid, as long as you are living in the same home.
Once retired you may find that you need additional cash to supplement the cost of a home loan; reverse mortgages may be the solution for exactly that. Instead of resorting to selling your home or handing over to the bank, let me help you decide if a reverse mortgage is the solution you need.
You have the choice to decide whether you want your equity paid in one large lump sum, monthly payment, or as a line of credit. For further questions regarding whether a reverse mortgage may be right for you, call me today! The solution to your mortgage problems may be just a phone call away, the time is now.