What is a Reverse Mortgage?
Plain
and simple, a Reverse Mortgage is a unique mortgage loan against your
house. A
Reverse Mortgage allows seniors, age 62 years and older, to borrow
from the equity in their home, but make no loan payments until they
sell their home or permanently leave their residence. This mortgage
program was designed and is insured by the Federal Government to assist
and protect seniors and allow them to maintain their financial independence.
The
amount of money you can borrow depends upon the value in your home,
the equity in your home, your age and also county in which you live.
It is a HUD approved product, and it is very safe.
The
proceeds can be used in any manner you choose:
You
retain full ownership in your home, and are free to live in the
home for as long as you like. The loan is not paid back until you
vacate the home. If you sell your house and move, the loan is paid
off from the proceeds of the sale. If you pass away, your heirs
can either convert the Reverse Mortgage into a conventional loan
and keep living in the home, or sell the home, pay off the Reverse
Mortgage, and keep any remaining proceeds.
How
can I learn more?
Call us at (877) 944-9004
E-mail us at info@seniorlifesolutions.net
and
find out how much money you may qualify for today!
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