What is a reverse mortgage ?

What is a Reverse Mortgage?

A Reverse Mortgage is like any other loan in most ways, except for one MAJOR detail! You're not required to make a mortgage payment! Sounds like a scam. Well.. it's not!

To qualify for this program, the homeowner must be 62 years of age. Most importantly, there are no income or credit requirements. That's right! You can have the worst credit in the world, make no money and still qualify for the Reverse Mortgage.

How can you turn equity into cash and not make a payment? The answer is easy! The government understands that most seniors are on a fixed income and they deserve to access money from the equity in their home, but that leaves one problem. Seniors can't afford to take on the expense of a monthly payment. With a Reverse Mortgage, we loan you a portion of your equity, and require no payment while you reside in the property. Following the death of the last surviving spouse, your children will sell or refinance the home, pay back the Reverse Mortgage and will keep all the left over profit. AND THAT'S THAT!!

10 Reasons for a Reverse Mortgage

1. Pay off current mortgage and eliminate monthly payments
2. Pay taxes and insurance
3. Pay off credit cards and medical bills
4. Down payment assistance for family financial solutions
5. Supplement income
6. Travel
7. Home Improvement and repair
8. Purchase new Car
9. Savings and Security
10. Purchase Life Insurance

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Education

Tags:

• reverse mortgage
• wealth management
• loan
• finance

[montrealmountie]

i'm sure the family will be happy about this deal....

[spectrum0590]

Great video about reverse mortgage! It is one of the most understandable video about reverse mortgage. Thanks for sharing this one with us.