If you are 62 or older, a reverse mortgage is a smart way to turn the equity you have built up in your home into cash.
In this section we talk about what a reverse mortgage is, the benefits of a reverse mortgage, and the requirements to qualify for a reverse mortgage.
What Is a Reverse Mortgage, Exactly?
A reverse mortgage is a special type of home loan geared toward seniors who are 62 or older.
Reverse mortgages owe their name to the fact that unlike a conventional mortgage, where you make payments to the bank, in a reverse mortgage, the bank pays you.
When you take out a reverse mortgage, you are not required to pay the loan until you no longer live in the home or the home is otherwise vacated.
What Are the Benefits of Reverse Mortgages?
Each year, millions of Americans turn to reverse mortgages to tap into the equity they have in their home. Here’s why this is such an attractive option:
- Helps you access cash
- You don’t have to move
- You remain the owner of your home
- You won’t face tax liability
Who’s Eligible for a Reverse Mortgage?
Reverse mortgages are popular for a reason.In order to qualify for a reverse mortgage, you are required to meet only a few simple prerequisites:
- 62-years-old or older
- Be the owner of your home (or at least have built substantial equity in it)
- Live in your house as your primary residence for the life of the reverse mortgage
Interested in learning more about reverse mortgages? Contact the Total Home and Loans to get more information or to apply for a reverse mortgage. Call Now
