Reverse mortgages have proven to be an option worth considering if you happen to be looking for cash in your retirement years. To qualify for a reverse mortgage, you must be over the age of 62.
With a reverse mortgage, you are essentially taking a loan out to borrow against the equity of your home. The clear difference is if you qualify, you do not have to make payments on the loan as long as you live in the house.
The goal of a reverse mortgage is simple. Allow the homeowner to stay in their home without the burden of making principal and interest payments. This, combined with a lump sum certainly can make retirement less stressful financially.
How you receive the cash is up to you. The proceeds from your reverse mortgage can be a lump sum, installment payments, etc. Some prefer a lump sum for investment purposes, savings, or maybe taking a vacation that one has always dreamed of in retirement.
Another option is to receive installment payments. This way, at a chosen interval of time you will receive payments from the mortgage company. This is advantageous to those who seek the comfort of knowing money will constantly be coming into the household.
No matter which option you choose, it can be extremely beneficial for the right person. At ShopReverseMortgages.com, we take all the leg work out of the research process for you. With our constantly updated content and reverse mortgage experts, we can give you a free consultation on the feasibility of a reverse mortgage for your specific situation.
If you happen to feel like you are house rich and cash poor, the reverse mortgage may be a valid solution to your financial troubles. As more and more retirees pay off their homes with minimal sources of income, reverse mortgages are gaining in popularity.
The last thing you want to happen is to have a minimal source of income during your years of retirement. With a reverse mortgage you do not need to make payments on your home. Despite this, you are still eligible for for a large lump sum or installments of cash payments.
For the house rich and cash poor, this can be the perfect solution to unlocking the equity in your home without having to worry about a repayment schedule.
ShopReverseMortgages.com is a Florida reverse mortgage company, assisting those throughout the State of Florida. Enter your zip code now in the bar to the right to see if you qualify with no obligation!