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A reverse mortgage is a
unique type of loan used by older Americans to
convert the equity in their homes into cash. The
money from a reverse mortgage can provide seniors
with the financial security they need to fully
enjoy their retirement years. The reverse mortgage
has earned its name because the payment stream
is "reversed." Instead of making monthly
payments to a lender, as with a regular first
mortgage or home equity loan, a lender makes payments
to you. The money from a reverse mortgage can
be used for anything from daily living expenses
to home repairs and home modifications.
Reverse Mortgage Qualifications
To qualify for a reverse mortgage you must be
at least 62 and own your own home. There are no
income or medical requirements to qualify. You
may be eligible for a reverse mortgage even if
you still owe money on a first or second mortgage.
In fact, many seniors get a reverse mortgage to
pay off a first mortgage.
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