There’s a lot of misinformation out there about reverse mortgages, so let’s separate the facts from the fiction. To qualify for a #reversemortgage, you must own your home or have a low mortgage balance, but you don’t have to surrender the title... you retain ownership. A reverse mortgage is a way for #seniorhomeowners to generate additional cash flow in retirement by tapping into the equity in their home… and it is not merely a lifeline for those in financial desperation. Reverse mortgage rates are not high and depending on the type of loan that you choose, the rates are often comparable to a traditional mortgage. A reverse mortgage, however, does eliminate monthly mortgage and interest payments, and the resulting savings gives you additional cash to fund a more comfortable lifestyle in retirement. Your heirs will have the option to either sell the home or refinance it- and utilize the proceeds to repay the loan- when the time for a payoff occurs. In fact, depending on how the value of your home appreciates over time, a reverse mortgage could provide a source of equity to those same heirs if they simply choose to sell it. To find out the truth about reverse mortgages, call us today.
Randall Buffam
Reverse Mortgage Lenders Redlands CA
HECM Loan in San Bernardino CA
