Ready to live your best life later in life? Check out our services to unlock equity trapped in your home and unlock your dreams! We can help you live in your own home later in life with a reverse mortgage. From updating your bathrooms to adding wheelchair accessible areas to your home. There are plenty of renovation projects that seniors can tackle. Check out our blog for more ideas on how to age in place and live your best life!
How a Reverse Mortgage Works
A reverse mortgage is a loan that lets homeowners age 62 or older. (some 55 YO too) convert some of their equity into cash. If you want to know more about how this works. You’re in luck! We’ve created a blog post to help you understand the benefits of a reverse mortgage and walk through the different steps. In our blog post, we discuss: -The difference between a home equity loan and a reverse-mortgage. What you need to qualify for an HECM loan -How much money you’ll be able to borrow. Things to consider before applying for your HECM loan . How to apply for your HECM loan If you have any questions about whether or not you qualify for a reverse mortgage, check out our blog article here.
What is a Reverse Mortgage?
A reverse mortgage is a loan that allows homeowners over the age of 62 to borrow against the equity in their home. You are not required to make any monthly payments, and you don’t need credit, income, or assets. Instead, you receive an amount of money based on the value of your home and how much equity you owe on it at the time you take out your reverse mortgage. Reverse mortgages can be used for many reasons—from renovating your home to help with retirement costs or paying off debts. If you are interested in learning more about reverse mortgages contact us today! We offer free consultations and no obligation quotes.
Qualifying for a Reverse Mortgage
Not everyone is eligible for a reverse mortgag. This type of loan is designed to help homeowners age in place by making it easier to pay off their mortgages. To qualify, you need to be 62 or older and have a home with equity that’s worth at 50% of it’s value. If you’re not sure if you qualify, contact one of our team members today! We’ll work with you to find the best solution. The best way to get started is by filling out this form below!
Finding the Right Reverse Mortgage
It’s a type of loan that allows homeowners over the age of 62 to access equity in their home. You can use this money to pay off other debts or have more disposable income. But before you make the decision, it’s important to understand what a entails. When you take out a reverse mortgages, your home becomes an asset rather than an obligation. This means that if you need to move for any reason, you will not be forced to sell your home as you would with regular mortgages. And if for some reason you need to pay off your debt before retirement,
Then it’s possible with a reverse mortgage because it doesn’t affect the title of your property. But taking out a reverse mortgage is not without its drawbacks. For one thing, when interest rates rise, so do the rates on reverse mortgages. There are also financed fees associated with a reverse mortgage that can be distracting for some seniors as compared to the forward mortgage industry that “hides” all the cost in higher interest rates. If you decide that a reverse estate is right for you, then follow these steps:
- Read all the information thoroughly so there are no surprises
- Meet with an independent advisor who has experience with these loans
- You may want to wait until after retirement before applying due to decreased income or needing budget improvements
- If possible, try and get life insurance on yourself or someone else in order to expand the legacy to your family.
Living in Your Home Later in Life
Reverse mortgages are for seniors who want to live in their own home later in life. With a reverse mortgage, the borrower doesn’t make any monthly payments, but pays back the loan through the equity in their home. You can use these funds to renovate your home or pay for medical expenses. As is the case with any financial decision, there are pros and cons to consider before taking a reverse mortgage. To help you decide if it’s right for you, we’ve compiled a list of six reasons why many people choose to take out a reverse mortgage. Reverse mortgages can be an excellent way to tap into equity that is otherwise trapped in your house!
Bottom Line
There are many reasons why you should explore a reverse mortgage – like the ability to live in your own home later in life. You don’t have to rent out your home or move out of it when you grow old and can’t maintain the upkeep any longer. Check out our blog for more information on how you can age in place and live your best life!