First, exactly what is a Reverse Mortgage? A Reverse Mortgage is a loan against your home’s equity and requires no monthly mortgage payments. Reverse Mortgages are available to homeowners 62 and are older and designed to meet the needs of fixed incomes. With a Reverse Mortgage, you gain access to a portion of the equity you have built in your home. You no longer make monthly payments. Instead, the bank pays you and you can receive your funds in either a monthly income stream, in a lump sum payout or as a combination of the two.
A reverse mortgage DOES NOT affect your home ownership and you retain your title.
Banks loan money for Reverse Mortgages based on the current market value of the home. The loan is eventually repaid either when the home is sold or the owner passes away. If there is a surviving spouse, there is an option for that spouse to stay in the home for the rest of their life should they choose to do so.
Think a Reverse Mortgage is right for you or someone you know, contact Dwayne Stein at 985-612-1900. He will be more than happy to help you see how much you quality for with no obligation.