Senior Home Owners Find Financial Resource in Reverse Mortgages in The Villages, Florida
Source: Longtermcarelink.net
For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home equity loan. But a conventional loan really doesn’t free up the equity because the money has to be paid back with interest.
Reverse mortgages are a risk-free way of tapping into home equity without creating monthly mortgage payments and without requiring the money to be paid back during a person’s lifetime (as long as the house is the primary residence).. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title “reverse mortgage”.
Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, pay off debt or help pay for home repairs, remodeling or long term care needs.
Call iReverse Home Loans about reverse mortgages and how we can help you stay comfortably in your home, 800-486-8786 ext 813.