HOW IT WORKS
You live in a home that you've watched increase in value for years. You find it difficult keeping up with bills and healthcare expenses. You're faced with a dilemma: sell the house - your home, which really doesn't have a price tag - or continue to live in it and watch your financial burden increase. Now imagine this dilemma resolved.
Enter the reverse mortgage loan
A reverse mortgage allows you to draw on the equity in your home without having to sell it. A "reversal" of a conventional mortgage where you would pay monthly principal and interest payments, a reverse mortgage is a loan that may allow you to receive monthly payments. The loan is repaid when you either sell your home, the last borrower (or eligible non-borrowing spouse) passes away or no longer live there as their principle residence*. As a borrower you must continue to pay property related fees, taxes and insurance, and must maintain the home in good condition. You can use the cash payments as you wish: to supplement your retirement income, make home improvements, pay bills, or vacation. It's all up to you.
Deciding whether or not to go forward with a reverse mortgage is a big decision. If you are still learning about reverse mortgages call Doug Quinn at 469-607-8808 and I can answer all your questions.