One of the newest and more innovative financial tools for the Senior Citizen, today, is the reverse home mortgage. Already very popular, as the info on the reverse home mortgage becomes widespread, and homeowners reach retirement age in large numbers, this may become the most popular home mortgage vehicle of all. The reverse home mortgage solves a major financial problem for Seniors, how access the equity-savings they have built up on their homes without having to sell. Let me explain what is reverse mortgage?
How Do You Know If You’re Eligible For A Reverse Mortgage?
A reversed mortgage is designed specifically for homeowners who are age 62 and older. Through this product, you can receive loan money from your home in the form of a lump sum, regular monthly checks or a line of credit. The money is typically repaid with interest when you sell your house, permanently move away, or pass away.