Many homeowners have found that a reverse mortgage loan is a great way for them to take advantage of the equity they have built up in their homes.
A reverse mortgage loan is different than a traditional mortgage. With a traditional mortgage you make monthly mortgage payments, but with a reverse mortgage loan the lenders pays you money through monthly installments or a one-time lump sum payment. The money that you receive is dependent on your age and the value of your home.
One of the great advantages of a reverse mortgage loan is that you are not required to pay the loan back until the home is no longer your primary residence For more information on when a reverse mortgage comes due click here. Another great feature of a reverse mortgage loan is you can never owe more than the value of your home. No matter what. With a reverse mortgage loan you can recieve funds as a monthly payment, line of credit, cash out or a combination.
If you are 62 or older and own your home you might be eligible for a reverse mortgage loan. Contact us to find out more about reverse mortgage loans and ways to make it work for you, or apply now and start the process of tapping the equity in your home.
Check out these pages for more information about reverse mortgage loans.