When you’re retired and on a fixed income, it can be tough to stretch that income to help make ends meet. Borrowing money usually won’t help because the money you borrow will have to be repaid, thereby increasing your monthly bills. With a reverse mortgage, though, you can borrow money at low interest rates without having to make any payments. This can be the perfect solution for many people.
Qualifying for a Reverse Mortgage
The guidelines for getting a reverse mortgage are not very strict, but you do need to be a homeowner with a mortgage that is fully paid off. If you’re still working on paying off your home mortgage, you may be able to get a reverse mortgage and take out money upfront to pay off your existing mortgage. Because the reverse mortgage is secured by your home, the lender needs to be able to get in the first lien position.
Benefits of a Reverse Mortgage
The main benefit of getting a reverse mortgage is that you get to tap into the equity you have built up in your home with years of payments, improvements, and appreciation in value. You can use this money for any purpose, whether it’s maintaining your home, paying medical bills, or even going on trips to visit your family. The reverse mortgage money is yours, and the lender places no restrictions on how you use it. Best of all, you don’t have to make payments on the reverse mortgage for as long as you’re living in the house. When you sell the house, the proceeds go to pay off the reverse mortgage first and then you or your heirs get all of the remaining money.
Apply for a Reverse Mortgage Today
Our lender matching service here at CreditNowUSA.com can match you with a reverse mortgage lender today. Just let us know what your home is worth, what you owe on it, and how old you are to get matched with a lender that’s just right for you!
For more information, go to Reverse Mortgage at http://www.creditnowusa.com/Reverse-Mortgage