The Reverse Mortgage Today
Many seniors are starting to discover the advantages of a Reverse Mortgage. By putting your home's equity to work, you can take advantage of decreased monthly expenses while gaining cash for travel, medical expenses, home repair, investment or simply enjoying life as you see fit.
Reverse mortgages are becoming increasing popular with seniors and those who care for them. That popularity has led most major banks and lenders to develop and offer reverse mortgage products. What was once a rarely offered loan product has become the fastest growing offering in today's lending market. Reverse mortgage are a legitimate and highly beneficial option for today's senior.
Advantages of a Reverse Mortgage
- No Monthly Mortgage Payment
- Cash in Hand to Spend as You See Fit
- Tax Free Money
- Stay in Your Home While Enjoying Your Home Equity
- Complete Counseling to Ensure Legitimate Transaction
- Federally Insured Loans with Stringent Lender Guidelines
Qualifying for a Reverse Mortgage
Qualification for a reverse mortgage is as simple as determining age and equity. Borrowers must be age 62 or older and have available equity in their home from which to lend. Assuming that you are over the age of 62, the next step is to determine your homes current market value. To establish your current market value, most lenders use an Automated Valuation Model or AVM. These tools provide an instant estimate of your homes current value.
