Top 5 Reasons People Get Reverse Mortgages
Once you’ve done your research on reverse mortgages and gained a more complete understanding of the product, the next step is to decide if a reverse mortgage is right for your situation. If you’re eligible (a homeowner 62 years of age or older with equity in your principal residence), this may be a quick decision or one that requires a bit more consideration. As with any decision, it’s always helpful to get the perspectives and experiences of others who have faced similar situations and asked themselves the same questions. So for those other folks who have decided to get a reverse mortgage, what were their reasons? We’ve asked some of our readers and site visitors and below are the top 5 reasons people get reverse mortgages:
Reverse Mortgage Credit Score?
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Do I Need Good Credit For a Reverse Mortgage?
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“My house is worth a lot, My Income is very low, and my credit is bad for lots of reasons. Can I still get a reverse mortgage on my home?” | ||
 | Senior , Homeowner Bad Credit | |
Bottom Line is…. Yes
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Considering a Reverse Mortgage?
Why you should consider a reverse mortgage?
Homeowners that are over 62 of age whose lifestyle might improve or to maintain their lifestyle by using the reverse mortgage as part of their retirement planning. It’s another financial tool available to senior homeowners over 62.
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Reverse Mortgage Risks
Reverse Mortgage- is it a big risk?
What are the advantages and disadvantages of reverse mortgage?
Are you running into a big risk?
A reverse mortgage is a special type of loan that home owners can sometimes get to convert the equity in their homes to cash. Simply, a reverse mortgage is a type of loan that provides you with a monthly income, a lump sum of cash, or a line of credit. Or a combination of both
Reverse Mortgage Facts
Reverse Mortgage Facts
- Eligibility: Age 62+
- Gives you access to cash from your home
- Eliminates mortgage payment
- Guaranteed, Insured and Regulated by the FHA
- Has no effect on Social Security, Medicare or Pension income
- Multiple ways you can receive the money (lump sum, monthly payments, line of credit)
- Stay in your home and own your home without ever making another monthly mortgage payment
- Remember, like any homeowner, you are still responsible for taxes, insurance & maintenance
- Money you receive is 100% Tax Free
- You and your heirs are never put into a negative debt position