Extra! Extra! Important Reverse Mortgage Information For Seniors
You may be finding it more and more difficult to make ends meet each month.
Maybe you are tired of receiving those annoying phone calls from creditors because your credit card payment is a few days overdue.
This is especially true if you are a senior citizen and are retired or hoping to do so soon.
There is a way, however, that may help you enjoy a brighter future and this way is by investigating reverse mortgages for seniors.
If you are over age 62, you can decide to today to investigate obtaining a reverse mortgage.
In addition, you must own your own home and it must be your primary residence.
These mortgages are based entirely on the equity in your home and require no income or credit qualifications.
A reverse mortgage works quite simply by paying off your current mortgage.
Any additional equity left over can be received like cash and no further payments are required from you.
If you own your home free-and-clear, your home's equity can be accessed by you as additional income.
And, you have the option of receiving reverse mortgage income as a monthly payment, as one lump sum payment, or as a combination of these two options.
You will not be making any further monthly payments with a reverse mortgage so the mortgage you owe grows larger as time goes by.
Also, your equity will generally grow smaller during this same time period.
At the end of a reverse mortgage, the amount you owe is the lesser of the amount of the home's value or the amount of the current mortgage.
Having a reverse mortgage does not mean that your home will depreciate in value.
It will continue to appreciate in value just as if you had a regular mortgage.
With a reverse mortgage, you will continue to hold the title to your property and will still be responsible for paying the property taxes, insurance and necessary home repairs.
You won't need to repay the reverse mortgage lender until you vacate your home.
Just think how carefree your world would be if you were no longer required to make your monthly mortgage payment.
This would mean extra cash in your wallet each month to pay bills or to spend on anything you want.
Reverse mortgages for seniors are a way for you to help your loved ones or just to make sure you have peace of mind for the rest of your life.
Exploring the many reverse mortgage options available to you is worth the time and effort it takes.
Maybe you are tired of receiving those annoying phone calls from creditors because your credit card payment is a few days overdue.
This is especially true if you are a senior citizen and are retired or hoping to do so soon.
There is a way, however, that may help you enjoy a brighter future and this way is by investigating reverse mortgages for seniors.
If you are over age 62, you can decide to today to investigate obtaining a reverse mortgage.
In addition, you must own your own home and it must be your primary residence.
These mortgages are based entirely on the equity in your home and require no income or credit qualifications.
A reverse mortgage works quite simply by paying off your current mortgage.
Any additional equity left over can be received like cash and no further payments are required from you.
If you own your home free-and-clear, your home's equity can be accessed by you as additional income.
And, you have the option of receiving reverse mortgage income as a monthly payment, as one lump sum payment, or as a combination of these two options.
You will not be making any further monthly payments with a reverse mortgage so the mortgage you owe grows larger as time goes by.
Also, your equity will generally grow smaller during this same time period.
At the end of a reverse mortgage, the amount you owe is the lesser of the amount of the home's value or the amount of the current mortgage.
Having a reverse mortgage does not mean that your home will depreciate in value.
It will continue to appreciate in value just as if you had a regular mortgage.
With a reverse mortgage, you will continue to hold the title to your property and will still be responsible for paying the property taxes, insurance and necessary home repairs.
You won't need to repay the reverse mortgage lender until you vacate your home.
Just think how carefree your world would be if you were no longer required to make your monthly mortgage payment.
This would mean extra cash in your wallet each month to pay bills or to spend on anything you want.
Reverse mortgages for seniors are a way for you to help your loved ones or just to make sure you have peace of mind for the rest of your life.
Exploring the many reverse mortgage options available to you is worth the time and effort it takes.