Reverse Mortgage

Dated: April 13 2015

Views: 2105

There is a misconception of reverse mortgage in the market place among older homeowners. That they will lose there home,  not be able to give their home to their children, or that the bank owns their home.

On the contrary, reverse mortgage is a benefit to homeowners 62 and over. It can help in their retirement years as extra income. payoff your mortgage, eliminate debt or just enjoy your retirement.

A reverse mortgage is a government insured loan program that lets homeowners  turn the equity in their home into cash. You can receive 50% to 70% of the appraised value of your home that does not need to be payed back. As long as the homeowner remains in their home or until the home is sold. You must remain current on taxes and insurance though.

There are many advantages to a reverse mortgage if you are 62 and over and it can help you stay in the home you love. Contact your lender and ask questions about how reverse mortgage can work for you.

Blog author image

Mary Ganci

Why El Paso? Did you know, the weather is year round and the sun shines 302 days a year? That UTEP is the largest public University in the region? That El Paso has an archeological dig? El Paso is a d....

Latest Blog Posts

Tax Season Is Right Around The Corner Did You Sell A Home This Last Year

5 Sweet Tax Deductions When Selling a Home: Did You Take Them All?By Margaret Heidenry | Feb 19, 2021 Feverpitched / Getty ImagesYou may be wondering if there are tax deductions when

Read More

Can I Buy Or Sell A Home Without A Real Estate Agent

Today’s real estate market is one of the fastest-moving in recent memory. With record-low inventory in many market segments, we’re seeing multiple offers—and sometimes even bidding wars

Read More

Will The Housing Market Bloom This Spring

Will the Housing Market Bloom This Spring?Spring is almost here, and many are wondering what it will bring for the housing market. Even though the pandemic continues on, it’s certain to be very

Read More