A home is a big investment. As you continue to own a home, it builds equity over the years. This article provides a basic guide of reverse mortgages and how they put the power of your home’s equity back in your grasp.
A reverse mortgage is a program meant for elders aged 62 and up. It allows them to borrow some of the equity that has built up for their home in the form of a loan. A reverse mortgage lender offers participants to choose a loan type. From there, they can decide if they want a line of credit or lump sum of funding.
To qualify for a reverse mortgage loan, you have to meet these criteria:
Once you’ve qualified and been approved for this kind of loan, it’s then time to decide which loan type you’ll utilize.
There are multiple loan types to choose from:
Reverse mortgages are helpful for life expenses. Speak with a reverse mortgage lender today to explore your next loan options.
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