Reverse Mortgages
A Reverse Mortgage is a home loan for senior homeowners. Reverse Mortgages generally have no credit requirements and instead of making monthly payments, you actually receive payments from your lender.
How Does a Reverse Mortgage Work?
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Age Requirement - 62+
The primary borrower must be at least 62 years of age. Reverse Mortgages were designed for seniors, but spouses under 62 still may be on the loan.
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You Get Cash
Instead of paying into your mortgage, when you enter into a reverse mortgage you receive cash from the lender. Either as a lump sum, monthly installments or a line of credit.
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Established Equity
The homeowner must have established equity in the property to be able to qualify for and benefit from a Reverse Mortgage. Not sure if you have enough equity? We can let you know!
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No Monthly Mortgage Payments
While the borrower maintains their home as their primary residence they will not have to make any mortgage payments.