A home is a big investment. As you continue to own a home, it builds equity over the years. This article provides a basic guide of reverse mortgages and how they put the power of your home’s equity back in your grasp.
A reverse mortgage is a program meant for elders aged 62 and up. It allows them to borrow some of the equity that has built up for their home in the form of a loan. A reverse mortgage lender offers participants to choose a loan type. From there, they can decide if they want a line of credit or lump sum of funding.
To qualify for a reverse mortgage loan, you have to meet these criteria:
Once you’ve qualified and been approved for this kind of loan, it’s then time to decide which loan type you’ll utilize.
There are multiple loan types to choose from:
Reverse mortgages are helpful for life expenses. Speak with a reverse mortgage lender today to explore your next loan options.
Connie has been in the Tampa Bay area for over a decade. She has worked with customers and clients from many different backgrounds. Connie has great communication skills, her attention to detail and prompt follow up are attributes her customers appreciate. She is very dedicated to listening to her customers needs. She loves the opportunity to assist her clients with professionalism and courtesy. If you are selling your home or looking for the perfect home to buy, Connie would love the opportunity to serve you.