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. 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.