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How a Reverse Mortgage can help you

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How a Reverse Mortgage can help you

2 mins read
Elderly couple refinancing

A Reverse Home Mortgage offers you debt-free access to home equity. With a reverse home mortgage, you can supplement retirement income, pay medical bills, and pay for home improvements or tuition.

This type of mortgage loan is typically offered to older homeowners. If you’re older than 62, your home equity may be an excellent way to fund your retirement needs. BorrowMoney can help you find providers who can help you navigate the complex reverse mortgage process and determine if it’s right for you.

A reverse home mortgage can help you:

  1. Access your home equity without debt
  2. Supplement retirement income
  3. Pay for medical bills
  4. Eliminate your mortgage payment
  5. Pay off high-interest debt

What is a Reverse Mortgage?

A reverse mortgage allows homeowners 62 years of age, or older, to use the equity in their homes to eliminate their monthly mortgage payment and/or supplement their income. With a conventional mortgage, a homeowner increases their equity by making a payment each month, ultimately paying off the loan at the end of the term. Unlike the conventional mortgage, with a reverse home mortgage, you receive payments from a reverse mortgage provider, allowing you to supplement your income.

  1. The homeowner must be at least 62 years of age
  2. The loan can be made on a primary residence only
  3. Eligible property types are single-family, townhomes, condo, and multiple families with less than four units
  4. No income or credit requirements
  5. Significant equity in the property needed

Find Mortgage Lenders Now!

Refinancing is available for any type of mortgage, including investment property and the cash-out value you receive from refinancing is subject to the available equity built up on your house. When you refinance, you restructure your mortgage and enter into a new agreement with changed terms. The changed terms usually consist of a change in the length of the loan and the interest rate.

By |October 18, 2021|Mortgage|0 Comments

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