A home is a big investment. As you continue to own a home, it builds equity over the years. This article provides a basic guide of reverse mortgages and how they put the power of your home’s equity back in your grasp.
A reverse mortgage is a program meant for elders aged 62 and up. It allows them to borrow some of the equity that has built up for their home in the form of a loan. A reverse mortgage lender offers participants to choose a loan type. From there, they can decide if they want a line of credit or lump sum of funding.
To qualify for a reverse mortgage loan, you have to meet these criteria:
Once you’ve qualified and been approved for this kind of loan, it’s then time to decide which loan type you’ll utilize.
There are multiple loan types to choose from:
Reverse mortgages are helpful for life expenses. Speak with a reverse mortgage lender today to explore your next loan options.
We would like to take a moment to introduce ourselves. Our names are Rick Herrick and Paula Farnsworth Bertone, we have been working together as partners in the real estate industry for approximately 22 years as appraisers, consultants, and agents, combined we have over 59 years of real estate experience. We provide services for Buyer’s, Seller’s, Banks, and Attorneys.
We would love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. We would be honored to put our real estate experience to work for you.