A reverse mortgage is a unique type of loan used by older Americans to convert the equity in their homes into cash. The reverse mortgage has earned its name because the payment stream is "reversed." Instead of making monthly payments to a lender, as with a regular first mortgage or home equity loan, a lender makes payments to you. The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years. These funds can be used for anything from daily living expenses to in-home care; to fun things such as travel.
Reverse Mortgage Qualifications
To qualify for a reverse mortgage you must be at least 62 and own your own home. There is minimal credit qualifying and no income qualifying. You may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage. In fact, many seniors get a reverse mortgage to pay off a first mortgage.
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