As an older American you can turn to “reverse” mortgages to seek money to pay off your current mortgage, finance a major home improvement, supplement your retirement income, or to pay for those unexpected health care expenses. These type loans can allow you to convert part of the equity in your homes into cash – without having to sell your homes, move out OR take on any additional monthly debt.
In a “regular” mortgage, you make monthly payments to the lender. However, with a “reverse” mortgage, you, the homeowner, receive money FROM the lender and, generally, you don’t have to pay it back for as long as you live in your home. Instead, the loan is repaid when you die, you sell your home or you no longer live in it as your principal residence. Reverse mortgages are ideal for homeowners who have high value in their homes but are lacking in available cash, or income! It allows you to stay in your home and still meet your financial obligations! In many cases, these type mortgages can increase the quality of your live from the extra income you otherwise wouldn’t have had!
To qualify, for most reverse mortgages, you...
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