Qualifying For a Reverse Mortgage:
- You must be at least 62 years old.
- The home must be your primary residence.
- You must have significant equity remaining in your home after paying off any existing mortgages with the new Reverse Mortgage.
Distribution of Funds:
There are a combination of ways in which a reverse mortgage could be received:
- Term: a monthly payment for a specific length of time.
- Tenure: monthly payments for the life of the loan
- Lump sum: a sum of cash at the time of closing
- Line of Credit: just as with a credit card you can draw money as needed up to set eligible amount
Is A Reverse Mortgage For Me?
Still have questions, discuss your desired future financial plans with family, friends, or trustworthy people in your life. A reverse mortgage may be a sound financial decision, however there may also be a better option out there for you. If you have more questions please feel free to contact us.