What is a Reverse Mortgage?
Reverse Mortgage is a federally insured product that converts a portion of Home Equity into Cash without making monthly mortgage payments.
How does it work?
- Own a home and live in your home as primary residence
- Be at least 62 years of age and over
- Maintain your home and keep property taxes and insurance current
- No income qualification because of no monthly mortgage payment requirement
- Credit report is obtained, only for a search of liens and judgments
- Home evaluation is needed (to determine the current value of the property)
Is a Reverse Mortgage for every qualified applicant?
No. It is generally not needed if someone has a sufficient income stream from Social Security,
pensions and other income (such as rental property, stock dividends, etc) to meet retirement
expenses. Matters relating to inheritance should be taken into consideration as well.
Please contact us to find out if a Reverse Mortgage is a good fit for you.
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“Turning the dreams of your life into the life of your dreams”
Reverse Mortgages offered by Herb Minnichhofer, BRE 00765010, NMLS 368207