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WHAT IS A REVERSE MORTGAGE?
You can think of a reverse mortgage as a type of home equity loan. Designed for those over the age of 62, homeowners can borrow against the equity in their home. The difference between a reverse mortgage and a home equity loan is that a reverse mortgage does not require any type of loan payment. Most reverse mortgages are backed by the federal government.
HOW DOES A REVERSE MORTGAGE WORK?
Reverse mortgages use the equity in your home and send you monthly payments instead of you sending in payments in a traditional loan. You can think of these as cash advances but without any interest. You don't have to pay the loan money back. Instead, when you pass away, sell your home, or if you move out, your estate pays the loan, usually after the sale of the home once you pass.
WHO QUALIFIES FOR A REVERSE MORTGAGE?
Reverse mortgages are for those 62 and older. The purpose of a reverse mortgage is to help seniors with covering their basic living expenses or help with healthcare costs. This allows many seniors to stay in their homes as they age without having to enter an assisted living facility. There are different types of reverse mortgages. Speak to a professional mortgage broker, such as those at The Mortgage Store to learn more.
CHOOSE THE MORTGAGE STORE TODAY
The Mortgage Store specializes in many different types of loans because we understand that everyone's situation is different and needs are different. From FHA and VA to cash-out mortgages and flex-term mortgages, we can help. Our experienced team can guide you in the right direction and get you the best mortgage terms. Reach out to one of our mortgage brokers, or apply online today!