By larrym | No Comments
Last updated: Saturday, May 31, 2008

Many seniors are finding themselves House Rich and Cash Poor. There just doesn’t seem to be enough money left over at the end of the month, or they are having to tap into the principle of the retirement funds in order to enjoy a comfortable retirement.

A Reverse Mortgage is a financial tool for seniors that allows them to unlock the equity in their homes. While it is technically a loan against the equity, it has several key differences from a traditional, or forward, mortgage. A Reverse Mortgage is:

• Age Based - The older you are, the more you qualify for.
• Equity Based - The more equity you have available, the more you can access.
• Lien Against YOUR home - You still own your home and stay on Title. Just like a traditional mortgage.
• Deferred Payments - There are no payments due as long as you contiune to reside in the home.
• Non-Recourse - You will never owe more then your home is worth. You won’t pass the debt on to your heirs
• Acces to funds - Receive your funds through a Lump Sum distribution, an Equity Line or Credit, or an annuity. Or, create your own solution, with a combination of a lump sum and equity line, or lump sum and annuity.
• Use of funds - It’s your money, use it how you want!

This is just a brief summary of what a Reverse Mortgage is. Watch the video on the link at the top of the page, or contact me for a customized quote on just how much you would qualify for… or if a Reverse Mortgage is even right for you.

CommentSubscribe