What is a reverse mortgage?
A reverse mortgage is… a mortgage.
HOWEVER, the reverse mortgage offers advantages that set it apart from any other mortgage on the market.
So really, what is a reverse mortgage?
We will give you some key insights into the reverse mortgage, so homeowners can see just how MANY possibilities they have with this great program.
Reverse Mortgage Explained
A reverse mortgage is…
For seniors who are over the age of 62 years old.
A homeowner can be under the age of 62 as long as a spouse is on title that is 62 or older.
A way for senior homeowners to convert their equity into cash.
Live in their home for the rest of their lives.
Never have to make an out-of-pocket mortgage payment ever again.
Utilize multiple ways of accessing their home equity by means of lump sum payments, line of credit, and/or receiving a monthly payment.
Most of all the reverse mortgage gives the power to the senior homeowner over their mortgage and their financial retirement.
Reverse Mortgage Flexibility and Advantages
A reverse mortgage is actually one of the most flexible loans on the market.
If you want to make a monthly mortgage payment, even though it is no longer required, you can.
There is no prepayment penalties.
If you want to take money out to fix the house, or go on a vacation you can.
You can use your available money in a reverse mortgage for anything.
If you want to leave your money in the line of credit, so that it does not accrue interest you can.
There is no annual fee, or charge, for not utilizing the line of credit on a reverse mortgage like there sometimes is on a standard HELOC.
If you want to be able to access more equity if needed in the future you possibly can.
The line of credit has a growth rate included, so any money left in the line of credit will actually grow, so the next month there will be more available. In addition, homeowners are also able to refinance their reverse mortgage to obtain more money if they qualify.
Reverse Mortgage Companies or Brokers Search
Reverse mortgage companies usually pertain to brokers. Brokers are companies that work directly with lenders to offer reverse mortgage programs. The broker will handle the entire process with the homeowner, but the lender will help in the underwriting and funding of the reverse mortgage. Many brokers work with several different lenders, so they may have the advantage of offering multiple programs.
Local Reverse Mortgage Advisors Search
There are reverse mortgage advisors that specialize in a very localized area. These advisors usually like to work in their county, or their surrounding counties, because they like to work face-to-face. These advisors may or may not be able to come out the the homeowners home to explain the reverse mortgage over-the-table.
All of these options can be perfect for everyone looking to obtain a reverse mortgage. ReverseAdvisors.org encourages you to search our approved reverse mortgage database, so that you can find your best reverse mortgage lender, best reverse mortgage company, or best reverse mortgage local advisor!
Find only the best reverse mortgage for you