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Reverse Mortgages for Seniors
What is a Reverse Mortgage for Seniors?
A reverse mortgage is a home loan available to seniors aged 62 years or older. It uses accumulated equity in the home to create a source of income, allowing the senior to improve their quality of life. The funds can be used to offset the costs of retirement and aging, including senior home care, providing the senior the assistance and resources needed to maintain independent living.
Requirements For Reverse Mortgage Eligibility
One of the borrowers must be at least 62 years of age. Also, a reverse mortgage works best if the home is already paid in full (no outstanding liens). The majority of reverse mortgages are FHA insured. In a reverse mortgage, the value of the home, minus the amount of any existing mortgages, is converted into one cash payment, or a stream of monthly cash payments. During this process, the owner retains ownership of the home, and continues to live there, without having to make monthly payments. Repayment of the loan takes place when the owner (the borrower) is no longer living in the home, or is deceased.
The size of reverse mortgage loan is determined by the borrower’s age, the interest rate, and the home’s value. The older the borrower, the larger the percentage of the home’s value that can be borrowed.
If you would like more information on Reverse Mortgages you can contact us by Email or call our Free Senior Referral Service at 1.866.775.0028.
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