Why a Reverse Mortgage Could Be the Smart Move For You

January 3, 2017

More people are using a Reverse Mortgage to increase their income and live more comfortably. This could be an option for you too.

As a homeowner, there are several options when looking to take out equity on your home. One of these options is a Reverse Mortgage. This mortgage product is also known as Reverse Annuity Mortgage or Retirement Mortgage. In the case of the loan being guaranteed by the government, it’s called a Reverse Equity Conversion Mortgage (or HECM).

A reverse mortgage does not require monthly mortgage payments, but simply pays you, the homeowner, while you continue to live in your home. Eventually, the loan is repaid after you move out and the house is sold. Reverse mortgage is quite flexible and can provide you with different types of payments from your built-up equity such as monthly, annually or even a lump-sum amount.

A reverse mortgage on your home can give you access to extra cash up $625,500. Find out how much cash you qualify for >>

Regarding how much and when you can receive your money, it starts with why and when you need the money in the first place. What makes a reverse mortgage such a great product is its flexibility and therefore can be tailored to your personal needs. And it’s easy to get started. All you need to do is start a request for an application.

How to Qualify for a Reverse Mortgage

Many people have this notion that a reverse mortgage is complicated and hard to obtain. However in reality, this is often not the case. If you are interested in a reverse mortgage, a licensed lender will provide you with a detailed consultation which includes all the information on what a reverse mortgage is and how it works. Here are some general requirements to apply for a reverse mortgage:

  • You need to reside in the home
  • You must be 62 years or older
  • There is equity built up in the home (your home value exceeds your existing mortgage or you currently no longer have a mortgage)

Have those checked off on your list? Then you’re off to a great start. It will take you less than 2 minutes to complete a quote request. Our quote request has no obligations or fees, guaranteed. To get in touch with several reverse mortgage lenders today, simply complete our online form.

Did You Know? Each applicant will receive an additional free consultation by a government sponsored, non-lender-affiliated reverse mortgage specialist. You can then be comfortable knowing exactly what you will be able to do with a reverse mortgage. Get your application started today by completing our form here.

How Do I See If I Qualify?

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