 |
 |
|
|
|
|
|
|
|
|
|
|
| |
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.
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.
|
|
|
|
|
|
|
 |
|
