Many homeowners have found that a Reverse Mortgage is a great way for them to take advantage of the tax-free equity they have established in their homes.
A Reverse Mortgage is different than a traditional mortgage. The main difference is that with a traditional mortgage you make monthly mortgage payments. However, with a Reverse Mortgage the lender pays you money through monthly installments or a one-time, lump sum payment. The money that you receive is dependant on your age and the value of your home.
There are several advantages to a Reverse Mortgage:
If you’re age 55 or older and own your home you might be eligible for a reverse mortgage. Contact us to find out more about reverse mortgages and ways to make it work for you, or apply now and start the process of tapping the equity in your home.