Benefits of a Reverse Mortgage

Written by Posted On Saturday, 23 January 2016 15:54

Reverse Mortgages are often misunderstood so this article is meant to clear up some of the misconceptions.  In order to qualify for a reverse mortgage applicants must be 62 years of age or older and have some equity in their home. If you wish to watch a reverse mortgage informational video instead please visit this site


6 Reverse Mortgage Benefits:

1) No repayments required for the rest of your life as long as you or your spouse live in your home. Only pay property taxes and insurance.

2) Tax-Free Funds for as long as you live in the home. The funds you receive are non-taxable.

3) Often there is no specific income or credit score requirement.  However there is talk that this may change.

4) Very low risk of default: As long as you meet the terms of your loan. Your heirs will never owe more than the value of the home: If your home goes down in value the federal government steps in and covers the difference. If your home goes up in value your heirs get any additional equity after the loan is repaid.  A reverse mortgage is a non recourse loan which means lenders cannot file a deficiency judgement against the heirs.  The heirs are not personally liable for the note.

5) Eliminate Expenses: Retire without having to worry about mortgage payments or other expenses. Your funds can be used anyway you see fit.

6) You get to keep your home and can enjoy your retirement! If you haven’t saved enough for retirement a reverse mortgage can provide you with peace of mind and the additional funds you may need.

To compare top reverse mortgage lenders, rates, and qualifying amounts please visit: www.ReverseMortgageConsultants.ORG

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