Entering a reverse mortgage allows you to re-evaluate the value of your home without requiring you to sell it.
Every year, you watch the value of the home you live in climb. However, you may find it rather difficult to maintain your essential bills. So, you’ll probably feel forced to make a hard decision: do you sell your home that you cherish so much? Or do you take on the burden of the financial increase of your living scenario? I bet that you would just want this issue to be reconciled. This is where you will want to ask about what a reverse mortgage could do for you.
“My home is just that. Has been for my entire life. I can’t just leave, but I can’t afford to stay either. What can I do?”
Entering The Reverse Mortgage Process
Entering a reverse mortgage allows you to re-evaluate the value of your home without requiring you to sell it. You also may be eligible to receive cash payments monthly. The loan has to be repaid when you sell the house, the last borrower passes away, or you no longer live there as the principal residence. There may be some instances that will cause the loan to mature and the balance to become due and payable. The borrower is still responsible for paying property taxes, insurance and maintenance of the home. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms, and conditions are not available in all states and are subject to change.
You can choose what you use the loan proceed payments for: whether it’s to enhance and extend your retirement, make home improvements, pay bills, or vacation. It’s completely up to you.