Apply for a Reverse Mortgage and get Cash from your Home Equity
Many senior citizens today face a common problem. They are approaching retirement, or have retired, the house is paid off, and they may have some money in the bank that they have saved over their working years. But, when they look at their net worth, most of their capital is tied up in the value of their home. They could use more cash, but aren’t ready to sell their home in order to get it.
Fortunately, now there is a type of mortgage that lets seniors unlock the equity in their homes, but doesn’t require any type of repayment until the house is sold. The reverse mortgage provides a loan that can be paid out all at once, monthly over the lifetime of the borrower, or just when you need some extra cash.
Unlike a traditional mortgage, there are no income or credit requirements for this type of loan. Even your health doesn’t matter. As long as you are 62 or older, have paid off your traditional mortgage (or only owe a small amount), and can pay property taxes and homeowners insurance, you can qualify for a reverse mortgage.
A Reverse Mortgage Seems Too Easy. What’s the Catch?
Once you get your loan set up, there really are no hidden problems. For many reverse mortgages, an agency of the federal government even insures that you’ll get the money you were promised, and that you’ll never pay any more than the value of your home when you sell it — even if you have borrowed more than the house is worth.
When you apply for a traditional mortgage, the value of the home and the interest rate determine the monthly payment, The process can be fairly cut and dried. For a reverse mortgage, the most important considerations are how much money you expect to need, your age, and whether you need the money all at once, as a regular monthly payment, or only when an unexpected need for cash arises.
For these reasons, getting a reverse mortgage is customized for each individual borrower. At Capital Mortgage Advisors, we have experienced brokers that have worked with many individuals to get them the reverse mortgage that best fits their needs. They can answer all of your questions about the program, and provide you with an estimate of how much money you will be able to borrow.
Get Started Now on the Way to Financial Freedom
If you want to learn more about how a reverse mortgage can provide the cash flow you want to provide for your retirement lifestyle, we would be happy to talk to you and explain how a reverse mortgage works. There’s absolutely no obligation. You can either call us toll free at 1-800-859-5648, or fill out the form below, and we’ll call you.
We look forward to explaining how reverse mortgages work, and setting up a custom program that best meets your individual needs.