Primemax Mortgage Group

What is a Reverse Mortgage?

September 26th, 2014 11:28 AM by Regina Rickles, NMLS# 222362

Primemax Mortgage Group is committed to helping senior homeowners get more out of life. For many, a reverse mortgage could be part of the answer. In fact, considering today's economic climate, a reverse mortgage may be more important than ever in making a difference in the lives of older adults.

A reverse mortgage is simply a way for older adults to access the equity in teir home to pay for the necessities of life or some extras they may want to enjoy - all while allowing them to keep their homes. It gives them the ability to turn the value of their home into cash without having to repay a loan each month.

  • Homeowners age 62 or older who live in the homes as their principal residence are eligible.
  • Borrowers retain ownership of the home. This means they're still responsible for paying property taxes and homeowner insurance, and making any property repairs. They can continue to live in the home as long as they want, and the loan doesn't have to be repaid until they leave or sell the home.
  • There aren't any monthly payments.
  • There are no income qualifications or credit approvals
  • Funds from a reverse mortgage are tax free and can not be acquired by a nursing home as assets.
  • Money from the reverse mortgage can be used for virtually anything. Common uses are paying for monthly living expenses, prescription drug or medical bills, home repair and improvement, travel, a car, or just peace of mind from having extra savings!

A reverse mortgage could be the perfect option for anyone who would enjoy access to the money they have placed in their home over their lifetime.

For more information please call us! There is no risk and no obligation!

Posted in:General
Posted by Regina Rickles, NMLS# 222362 on September 26th, 2014 11:28 AM