Reverse Mortgages

Reverse Mortgages

A reverse mortgage is a loan that uses your home as collateral, but does not require monthly payments.  If you are 62 or older, and you have equity in your home, you may qualify for a reverse mortgage that would allow you to access funds from your home in the form of:

• a line of credit that lets you decide when and how much is utilized;

• a lump sum paid to you in a single payment;

• a regular, monthly cash advance; or

• a combination of these options.

Regardless of which method you choose, reverse mortgages do not require repayment until you or your co-owner move, sell your home, or no longer live at the home.  This makes it an attractive choice for seniors who want to stay in their homes but have limited income and need funds for everyday living, or specific expenses that are out of reach such as a home repair.

Qualifying for a reverse mortgage is also different than a traditional mortgage.  Since repayment is not a factor, your monthly income and credit history are not key points to the lender.  Your age, the value of the property, and the amount you owe on an existing mortgage are more important issues when determining the amount you could potentially borrow through a reverse mortgage.

Call today to schedule your free appointment at 937-853-1600, or begin online by clicking below.

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