What is a Reverse Mortgage?

A reverse mortgage is a financial tool which enables senior homeowners to benefit from the equity they have available in their homes, without selling and without making payments on a loan. A reverse mortgage enables them to stay in their homes for as long as they wish without losing ownership and without any kind of risk.

A reverse mortgage is an option that is available to you if:

• You own your home
• Your home is your primary residence
• You are over the age of 62
• You are looking to turn the equity of your home into cash

A reverse mortgage allows you the flexibility to use the money borrowed to address any financial need you may have. Today the primary use of proceeds from a reverse mortgage by senior citizens is medical or health related. Senior citizens are also using Reverse Mortgages to pay off their existing mortgage or other debt, or fixing up their homes.

This is possible largely because of these three factors:

• The reverse mortgage was designed specifically for the benefit of senior citizens
• The interest rate charged on a reverse mortgage is very low
• The reverse mortgages are insured by the federal government

Have questions? Need help?

It is very important for you to be informed about reverse mortgages before deciding whether or not a reverse mortgage would be a good choice for you. Please feel free to contact us for more information or request a Free, no obligation consultation.

This will help you (and your family) to make an informed decision about whether a reverse mortgage makes sense for you, in your particular situation.