Reverse mortgages may seem like a very simple choice, but there are actually a lot of things that need to be considered. Talking to a reverse mortgage specialist will help you decide if this is a right road for you. They will provide you with the correct, up-to-date information and help you decide which path is going to be best to take for your unique situation.
Speak with a Specialist
By talking to a reverse mortgage specialist, you will be able to learn if you are actually qualified for a reverse mortgage or not. Many stringent qualifications must be met before you apply, and if they are not me, the mortgage will not be approved. For example, the borrower must be 62 or older, they must own their own home, which must also be their primary residence. Therefore, if the borrower qualifies they will be able to take tax-free money out the home equity without making monthly payments. This all sounds great, right. This sounds like they are paying you rather than you paying them.
Obtaining Information
When you talk to a reverse mortgage specialist you will find out more information on how that is actually paid back. When applying, the borrower has three choices on how to pay it back selling, moving, or at the time of death, many choose the last choice, due to the fact that they do plan to stay in their home as long as they can.
How Do You Borrow the Money?
A reverse mortgage specialist will also provide you with information on how you are able to take money out of a reverse mortgage such as a: lump sum, a line of credit (much like a credit card that can be drawn from as needed), monthly installment payments, or even a combination of all three.
Speaking with a reverse mortgage specialist here at Longbridge Financial, LLC, will ensure that you are provided with the most current and proper information.
