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. The 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.
Having 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?
Taking 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.