Seek unbiased help if considering reverse mortgage option
Seek unbiased help if considering reverse mortgage option,
Many people aged 62 or older are “house-rich and cash-poor.” They’re free of house debt but their income is limited. A reverse mortgage may allow some to take advantage of their house as an asset and convert it to income.
A reverse mortgage is a loan, where the lender pays you - in a lump sum, a monthly advance, a line of credit, or all three - while you continue to live in your home. To qualify you must own your home and all owners of the home must be 62 years of age or older.
The amount you can borrow is generally based on your age, the home’s value and the interest rate the lender is charging. Funds received can be used for any purpose.
,
Full post here Reverse Mortgage Loan Blog
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Sorry, the comment form is closed at this time.