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Consider a Reverse Home Mortgage
You tried to put away money throughout your life for your "golden years." But with college tuition, weddings and ever increasing property taxes, it was rare to have much money left over to put into savings. Now you are trying to get by on a social security check and perhaps a pension, but it is getting harder and harder to cover all your monthly expenses. You start to think you will have to sell the family home you love and move to a less expensive house or apartment. But before you take this drastic step, why not consider a reverse home mortgage?
Instead of you paying the bank each month to pay off your mortgage, the bank will actually pay you. If you have equity in your home (the amount it would sell for minus what you still owe) a bank will loan you money that does not have to be paid back until you sell the home, pass away or permanently move out.
You do not need a minimum income to qualify for a reverse home mortgage. In fact you don't need any income at all. There are no monthly mortgage payments to make, so you don't have to worry about losing your home through foreclosure. Most people prefer to receive the money as a credit line account to use whenever it is needed. Other options include receiving the money as a lump sum payment or as a regular monthly check. You must be at least 62 years of age and be the official owner of the home in order to qualify for a reverse home mortgage.
The funds you receive from the bank can be used for just about any purpose. You could use it to make needed repairs or home improvements, pay off credit cards or other debt, pay property taxes and health insurance premiums, or even take a vacation.
In order to apply for a reverse mortgage you first have to meet with a counselor. This will be an excellent opportunity for you to ask questions and to evaluate other alternatives. These might include selling the house, buying a less costly home, moving into an apartment where you would not have to deal with maintenance issues, or moving into an assisted living situation. Where would you be happiest and better off financially? But before you call the real estate broker to sell, certainly consider a reverse home mortgage.
About the Author: For more information please visit our website dedicated to seniors
about the pros and cons of a Reverse Mortgage. You can read more
on our Reverse Mortgage Lenders Website.