Do You Qualify for Cash From a Reverse Mortgage?
You may qualify for cash from a reverse mortgage if you …
- are 62 years or older,
- occupy the property as your principle residence,
- and have equity in your home.
Make a safe plan to give you the financial security you need.
Use the funds from a reverse mortgage to pay for home repairs, improvements, or property taxes, or create a financial plan. You may use the funds from a Reverse Mortgage as you see fit.
What is a Reverse Mortgage?
A reverse mortgage is a special type of home loan that lets you convert a portion of your equity into cash.
You don’t need an income to qualify. With a reverse mortgage, your equity pays you because you’ve earned it.
You choose how you want to withdraw your funds. You can select a fixed monthly amount, a line of credit, a lump sum or a combination of all three. There are no monthly principal and interest payments like there is with a second mortgage or a home equity line of credit.
FHA’s reverse mortgage program allows you to continue to own and live in your home without making a mortgage payment.
- When your home is no longer your primary residence, or it’s sold, all proceeds beyond the amount owed belong to your spouse or the estate.
- Any remaining equity can be transferred to heirs.
- No debt is passed on to the heirs or the estate.
Don’t worry about where you’ll find the money for your next bill.
Reserve mortgages have changed and folks are using them for many different reasons. Whether or not you have a mortgage, we can discover how a reverse mortgage would work for you.
Call our Manchester, CT office at 860-783-5345 today.
63 East Center Street, 3rd Floor
Manchester, CT 06040