Home equity loans are not very common, nowadays, making it difficult for people to access the value of their home without selling it. A reverse mortgage enables homeowners to access equity in their home by using the value of their home as collateral.
A reverse mortgage was built for homeowners to liquify the equity that they have put in their home by allowing them to use the equity as collateral on another mortgage. A reverse mortgage is often paid out in routine payments, which supplements retirement income. People can use a reverse mortgage to retire at an earlier age than they would otherwise be able to, to purchase a second home to flip or use as a rental property, or even to prevent foreclosure on their current home.
There are several criteria that an individual must meet before they are able to qualify for a reverse mortgage. Here are some of the requirements that must be met:
There are major benefits of a reverse mortgage that are distinct from any other type of loan. Here are some of the benefits for individuals who get a reverse mortgage:
Call our experts today, to see if you quality for a reverse mortgage!