A home is a big investment. As you continue to own a home, it builds equity over the years. This article provides a basic guide of reverse mortgages and how they put the power of your home’s equity back in your grasp.
A reverse mortgage is a program meant for elders aged 62 and up. It allows them to borrow some of the equity that has built up for their home in the form of a loan. A reverse mortgage lender offers participants to choose a loan type. From there, they can decide if they want a line of credit or lump sum of funding.
To qualify for a reverse mortgage loan, you have to meet these criteria:
Once you’ve qualified and been approved for this kind of loan, it’s then time to decide which loan type you’ll utilize.
There are multiple loan types to choose from:
Reverse mortgages are helpful for life expenses. Speak with a reverse mortgage lender today to explore your next loan options.
Ken Kwokis a Top 1% REALTOR in the San Francisco Bay Area California working with MaxReal real estate company in Burlingame Branch. Ken represents sellers in 80% of his transactions in the past 5 years. In the mean time, Ken has accumulated a large group of followers who are ready local real estate buyers qualified and always looking for good investment opportunity. Ken has 25 years of sales and marketing experience with the last 13 years primarily in real estate.