4 Signs You Are Ready for a Reverse Mortgage

A Reverse Mortgage is a federally insured program that can help benefit older homeowners by providing them the extra cash flow and comfort of being able to live in their homes for as long as they want without having to make payments to the lender every month. Here are four signs that might mean that you are ready for a reverse mortgage.

1. You are 62!

If you are looking to do a reverse mortgage, you need to know that to qualify you need to be at least 62 years old. Borrowers should also know that the older you are, the more money you can qualify for. Even if your spouse/significant other is not 62 you can still qualify under a new reverse mortgage program that was released in August 2014. It now protects non-borrowing spouses to be protected from foreclosure if the spouse on the loan passes away. Read more about it here.

2. Your mortgage is paid off

While it is still possible to get a reverse mortgage if you have a mortgage on the home, it is ideal if your mortgage is paid off, as it will allow you access to more equity in your home.

3. You do not plan on leaving your home.

Do you plan on continuing to live in your home? As mentioned previously, reverse mortgages provides the opportunity to continue to live in their homes for as long as they want without having to make payments to the lender. If you do not plan to leave your home, a reverse mortgage may be for you.

Alternatively, a Reverse Mortgage Purchase is available to help seniors buy a new primary residence to live in their retirement. If you want to downsize your home, or would like to move closer to family, a Reverse Mortgage Purchase is available for you to buy a new home and obtain a reverse mortgage in one transaction. The best part is that you do not need to make monthly payments on the home.

4. You need the money.

Reverse mortgage borrowers have the ease of using their funds in anyway that can benefit them. From paying off the mortgage and other debt, to financing much needed home repair and much more – a reverse mortgage can be the answer to providing the extra cash flow to make these financial goals happen.

If you feel that any of these signs apply to you, you can contact a Senior Advisor today at 1-888-QUALIFY for your Reverse Mortgage needs.

 

Image courtesy of [Stuart Miles] / FreeDigitalPhotos.net