What is a Reverse Mortgage and how can it be a benefit to me and my family?
ANSWER: A reverse mortgage is a special type of home loan that lets a homeowner 62 years or older convert a portion of the equity in his / her home or home to be purchased into cash. But unlike traditional home mortgage, no repayment is required until the borrower(s) sells the home, passes away or no longer uses the home as their primary residence.
The U.S. Department of Housing and Urban Development (HUD) created one of the first Reverse Mortgages over 20 years ago. HUD's Reverse Mortgage is a federally insured private loan, and it's a safe plan that can give older Americans greater financial security.
The Qualifications for Getting a Reverse Mortgage are:
ANSWER: Borrower(s) must be 62 years of age or older and be on Title and
their home must be their primary residence.
THERE ARE NO INCOME QUALIFICATIONS
THERE ARE NO CREDIT QUALIFICATIONS
THERE ARE NO HEALTH REQUIREMENTS
DOES NOT AFFECT SOCIAL SECURITY OR MEDICARE
FIXED INTEREST RATES, AS OF TODAY, ARE AROUND 5.06%