Reverse Mortgage Counseling
What is a Reverse Mortgage?
A Reverse Mortgage can assist in providing a tax free cash flow to eligible homeowners, 62 years of age or older. It is a unique type of loan used by older Americans enabling them to convert the equity in their homes into cash. Without the obligation of a monthly payment while in the home, a reverse mortgage is designed to enable a senior’s financial independence, by making funds available to the homeowner. A Reverse Mortgage allows homeowners access to money that they have built up as equity in their homes.
Qualifying for a Reverse Mortgage
Candidates for reverse mortgages generally have low or no outstanding mortgage debt on their property. A reverse mortgage borrower can only obtain a reverse mortgage on their primary residence.
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