A reverse mortgage is a great option for those who are 62 years old or older and have considerable equity. It was designed to give financial relief for someone who owns their home but possibly now only have fixed income such as Social Security. A Reverse Mortgage can be structured a number of ways, including:
- Provide relief by having no mortgage payment at all
- The borrower might be able to receive a fixed monthly income
- Some elect to instead receive a lump sum of cash
- Others structure a Line of Credit
The entire loan balance becomes due and payable when the borrower dies, moves away permanently, or sells the home. Reverse mortgages can be a great option to provide some financial relief, but it is not the right
move for everyone. Counseling is required in order to determine if this is the right financing option.
To determine if a reverse mortgage is the right call, please reach out to one of our Loan Officers.