A Reverse Mortgage is a loan that is specifically designed for senior homeowners. It allows borrowers to have access to part of the home’s equity and make use of the home as collateral.

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The loan is meant to help retirees that have limited income utilize the accumulated wealth in their homes to provide for essential monthly living expenses and take care of their health care bills. There is no limitation on how reverse mortgage can be used.

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The borrower does not need to pay back the loan until he or she sells it or vacates the home. Also, the borrower is not required to make any monthly payments towards the loan balance as long as he or she lives in the home.

In order to be eligible for a reverse mortgage, the youngest borrower in the home must be at least 62 years old. The borrower can keep the title of the home and he or she will be responsible for property taxes, insurance, utilities, and maintenance amongst others.

Why Choose Mortgage Specialists For Your Reverse Mortgage Support?

Reverse Mortgages can be very complicated. As experts in reverse mortgages, we can help you create a personalized reverse mortgage loan that will help you to easily plan for a secure retirement and actualize your financial goals. 

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We will clearly outline the costs as well as the financial implications of your decision. We will work hand-in-hand with you to help you know more about your options; this will help you determine if a reverse mortgage is ideal for you or your family member.

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Speak with one of our reverse mortgage experts and get the Mortgage Specialists advantage! Contact us today.