As you approach retirement, maintaining your lifestyle without a steady paycheck may be one of the many things that are on your mind. One way to do that is with reverse mortgage. Here's everything you need to know.
Read on to learn what a Reverse mortgage is and the truths around common beliefs about this loan.
Homeowners may rethink downsizing in retirement or need extra income to maintain their homes, even after paying off their mortgages.
If you own your home free and clear or your remaining mortgage is small, you likely have substantial equity in your home. That makes your home not only an asset but a financial tool that…
If your home is mostly paid off, a reverse mortgage could enhance your retirement security.
If you often relocate for work or are planning on expanding your family in the next few years, an adjustable loan might be a better fit for you than a traditional fixed rate mortgage.
A Reverse Mortgage is a non-recourse loan, which guarantees that borrowers will never owe more than the value of their home.
This program doesn't benefit everyone, but if you are at least 62 years old and have positive equity in your home it may be right for you.
Learn about the changes that are happening regarding reverse mortgages.