Thinking of applying for a Reverse Mortgage? We can help!
Reverse mortgages have become a useful retirement source of income for some homeowners. A reverse mortgage is a loan secured against the value of your home. As a result, people can now access up to 55% or more of their home’s value as tax-free cash. More importantly, you maintain ownership of your home and there are no monthly payments required. Simply take that money and use it for whatever you need, like home renovations, paying off existing debts, or go traveling.
Repayment of a Reverse Mortgage loan is only required once you chose to move or sell your home. The process ensures that you never owe more than the value of your home no matter how much you borrow. All you need to do is maintain your property and pay all necessary taxes, insurance and other fees. You can choose to receive your home’s equity paid out monthly or in a lump sum. There are many other advantages to a Reverse Mortgage:
- Increase your monthly cash flow
- You don’t have to sell your home
- Provides regular income
- No regular loan payments required