What Is A Reverse Mortgage?
Many seniors today are unable to afford their desired lifestyle and pay for accumulating expenses. A reverse mortgage allows any homeowner of 55 years of age or more to take cash from the equity of their home and spend it as they wish without having to pay any income tax on the amount. This is ideal for seniors who want to travel, pay for luxuries, medical expenses, home renovations or simply pay down debts. Qualifying for a reverse mortgage is very easy because there is no credit or income requirement. There are NO monthly payments because the lender is paying you money AND you keep your home no matter what!
Is a Reverse Mortgage Right For Me?
Easy Mortgage Strategists will help you determine whether a reverse mortgage is right for you. Reverse Mortgages carry higher interest rates than HELOCs and mortgages and can potentially reduce the size of your estate. If you are planning on moving, there are also legal fees to discharge the mortgage. Additionally the percentage of equity you can access is determined solely by your age. When discussing a reverse mortgage with an Easy Mortgage Broker, we take all these factors into consideration since they are important in determining whether you are a good candidate.
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