Are you a senior person aged 62 or over? Have you paid off the mortgage loan and currently residing in the home? Do you want to obtain a loan to meet emergency or everyday expenses? If the answer is yes then you should seriously consider applying for a reverse mortgage for seniors program.
Reverse Mortgage for Seniors: An Overview
The reverse mortgage for seniors is a federally funded program that allows homeowners to convert home equity into cash. And the best thing is that you don’t have to pay back the cash obtained through this program.
Typically the cash obtained through this program doesn’t have to be repaid as long as you continue living in the home. Also, you need to continue paying for insurance and maintenance expenses of the house.
So, how does a reverse mortgage for seniors program work?
A reverse mortgage is a type of personal loan that utilizes the equity in a home as collateral. Unlike a traditional loan, you don’t have to make any monthly installment payment to repay the loan. The loan amount is repaid once the homeowner passes away or moves out by selling the mortgaged property.
With a traditional mortgage loan, you have to make mortgage payments over a specific period of time after which the ownership in equity transfers to you. A reverse mortgage is exactly the opposite in the sense that you receive periodic payments, and the equity gets transferred to the lending company.
The reverse mortgages allow senior individuals to boost their post-retirement income, and live out the rest of their lives in a comfortless manner.
Does the reverse mortgage for seniors program interests you? If the answer is yes, you should contact Longbridge Financial for a free of cost no-obligation consultation.
