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Do you want to live in your house for the
foreseeable future? |
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| Could a Reverse Mortgage improve the quality of your
life? |
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| Would you like to meet someone to explain it to you
simply? |
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What is a Reverse Mortgage?
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A "reverse" mortgage is
a loan against your home that you do not have to pay back for
as long as you live there. With a reverse mortgage, you can
turn the value of your home into cash without having to move
or to repay the loan each month. The cash you get from a
reverse mortgage can be paid to you in several ways:
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All at once, in a single lump
sum of cash;
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As a regular monthly cash
advance;
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As a "credit line"
account that lets you decide when and how much available
cash is paid to you
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As a combination of these
payment methods. |
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No matter how this loan is paid out to you, you typically
don't have to pay anything back until you die, sell your home,
or permanently move out of your home. To be eligible for most
reverse mortgages, you must own your home and be 62 years of
age or older. |
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