Reverse Mortgages allow Homeowners over the age of 62 enjoy a more comfortable retirement in their own home by giving them access to extra cash from their own equity. This cash can be used to cover regular expenses, home repairs, healthcare needs, long term care, towards a vacation home, unexpected expenses, or anything else the customer chooses.
The way it works is Senior homeowners can borrow against the equity of their home without repaying the debt for as long as they live in their home as their principal residence. Instead of making monthly mortgage payments, they can opt to receive cash. The loan proceeds can be obtained in a lump sum, in monthly installments, as a line of credit, or any combination of the three. The proceeds received from a reverse mortgage are typically tax-free.
This is a great program to help those on low fixed incomes to maintain their current lifestyle or help keep their home. An ideal solution for seniors experiencing financial difficulties or those who want additional cash to optimize
their monthly income.
About Reverse Mortgages Q & A