Reverse Mortgage
What is a reverse mortgage?
A reverse mortgage is a mortgage in which the borrower does not make a mortgage payment each month. However, the balance of the mortgage will increase every month. Borrower may still be responsible for paying property tax, home insurance and home association dues.
Who qualifies for a reverse mortgage?
Being over age 65.
Have substantial equity in your property.
What are the Pros and Cons of a reverse?
Possible negative equity
Can i purchase a home using a reverse mortgage?
Yes
what are the benefits to taking a reverse mortgage?
Take cash out of your property
No mortgage payment
should i apply for a reverse mortgage?
Each client situation is different. Talk with a mortgage professional today.