What are the benefits of a Reverse Mortgage and how will this program help me? These are some of the most important questions you can ask, when deciding if the reverse mortgage program is the correct financial decision for you. Of course, with any financial product out on the market, there are potential downsides, but this may help to alleviate concerns about the product.What are the Benefits of a Reverse Mortgage
Most retired seniors the age of 62 and older live on a fixed income and make less than they did while working. Many have had to change their lifestyles and cut back on spending habits. But also, many have either a small mortgage left on their home or do not owe anything on it. This is where a reverse mortgage may benefit you.
- NO credit score, income or asset qualifications.
- The borrower continues to own the home – NOT the bank or lender.
- There are no restrictions on how the borrower spends the money.
- The borrower continues to own the home – NOT the bank or lender.
- There are no restrictions on how the borrower spends the money.
- It can pay off the mortgage and other debts.
- Provides cash for travel and leisure activities.
- Use it for Medical Expenses or Long Term care insurance premiums.
- Make home improvements or repairs.
- Education expenses for children or grandchildren.
- Establish a fund for emergency expenses.
- or anything you wish, it’s your money!
- Generally repayment of the loan is capped at loan value.
- There are no monthly loan payments!
- There are no monthly loan payments!
For many seniors qualifying for a mortgage can be difficult because they have limited income or assets needed to get approved, but with a reverse mortgage you do not need to meet these certain criteria to possibly get approved. One major benefit to seniors with this program is that you can treat a reverse mortgage like a traditional mortgage and pay it back as such, there are no penalties for doing so You can make monthly payments on a reverse mortgage if you want, but do not have to if you can’t or just do not feel like it. The reverse mortgage is one of the most flexible products on the market.
To learn more about the what a reverse mortgage can possibly do for you, click here.
Please fill out the contact form at the right or by clicking here and have a qualified representative contact you!
What are the Benefits of a Reverse Mortgage
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Reviewed by Merlyn Rosell
Published :
Rating : 4.5
Published :
Rating : 4.5