A Reverse Mortgage may be just the solution for homeowners 62 and over who are house rich and cash poor or looking to downsize or up size to a new home. A Reverse Mortgage is a type of home equity loan that allows you to access the equity you have built up over the years or have available in a new purchase, while still keeping the title to the home in your name. This is all with no monthly mortgage payments and a simple financial assessment (homeowners must keep property taxes, insurance and HOA dues paid current). Here are some other great reasons why a Reverse Mortgage may be the right product for you RIGHT NOW!
- Your home’s value may be the highest it’s been in some time. NOW is the time to take advantage of the steady equity growth we have recently had.
- If your home currently has a mortgage or home equity loan, the Reverse Mortgage may pay off that debt, plus any other debt you wish.
- There is now a financial assessment on all borrowers to review their income, assets and liabilities to insure that future mandatory obligations (such as taxes, insurance, maintenance and HOA dues) continue to stay current. Click Here to learn more about the financial assessment.
- You could take out a partial lump sum, take monthly installments, or set up a line of credit that continues to grow to take advantage of your home value rising.
- Utilize the Reverse Mortgage for purchase program to downsize or buy your dream retirement home and save funds for a nest egg.
Please visit the Quick Links on the right and the Resource Library tab above for more information about TX and FL Reverse Mortgages and feel free to contact me with any questions.
Reverse Mortgage Specialist NMLS #219085