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A reverse mortgage is an easy way for homeowners, 62 years of age or older to access the equity in their home (primary residence only). There are no income, credit or asset requirements, nor are there any regular monthly payments. You always retain the deed and all rights of homeownership and are free to refinance, payoff or sell the home at any time. You live in the home for as long as you choose to live there; the bank never "owns" the home. Eligible homes include 1,2,3,4 family properties and HUD approved condominiums.
Proceeds can be taken in a lump sum, a line of credit, monthly income or any combination that best suits your personal needs. There are no restrictions on how you can use the money and it is tax free. Use the money for bills, medical expense current and future, vacations, renovations, repairs, a new car, a vacation home, a college education or gifts to anyone of your choosing. The choice is yours.
Downsizing to a new home? A reverse mortgage can be used to purchase a home too. Assets would need to be verified, but with as little as 40% down, you can purchase a new home and never have a monthly payment for the remaining amount owed. Cash from the sale of your first home can then be set aside, increasing your monthly cash flow for a better life.
Our PowerHouse Reverse Mortgage Specialists can help you decide what reverse decision works best for you and your family. Call us today at 877-747-4768 or click here to contact a PHS reverse loan expert right away.