Is a Reverse Mortgage The Right Choice For You

1. Is a Reverse Mortgage The Right Choice For You? If you are a senior homeowner, you may wonder if a reverse mortgage is right for you. A reverse mortgage allows homeowners to borrow against the equity in their home and receive payments from the lender. It can be a great way to supplement your income in retirement or unexpected cover costs. In this article, we will discuss what a reverse mortgage is and how to get one! What is Reverse Mortgage? A reverse mortgage is a loan available to homeowners aged 62 and older that uses the equity in your home as collateral. The loan must not be repaid until the borrower moves, sells, or dies. Reverse mortgages can be a great way to supplement your income in retirement or unexpected cover costs. How does a reverse mortgage work? When you take out a reverse mortgage, the lender will give you a lump sum of cash, monthly payments, or both. You don't have to make any payments on the loan as long as you live in your home. However, when you die, sell your home, or move out, you or your estate will need to repay the loan. In addition, the amount you owe will be more than the amount of the loan because of interest and fees. Who is eligible for a reverse mortgage? To be eligible for a reverse mortgage, you must: -Be at least 62 years old -Own your home outright or have a low mortgage balance that can be paid off with the loan proceeds -Live in the home as your primary residence What are the benefits of a reverse mortgage? There are several benefits of a reverse mortgage, including: -You can stay in your home as long as you like -You don't have to make any payments on the loan as long as you live in your home -The loan will not affect your Social Security or Medicare benefits -The loan will not affect your ability to keep your home

2. What can you use a reverse mortgage for? You can use a reverse mortgage for any purpose, including: -Paying off your existing mortgage -Supplementing your income in retirement -Covering unexpected costs, such as medical bills or home repairs Where to Get a Reverse Mortgage If you are interested in getting a reverse mortgage, Contact Us at Forward Mortgage LLC. We are a mortgage company that specializes in reverse mortgages. We can help you determine if a reverse mortgage is right for you and help you through the process of getting one!