Question:

What is a reverse mortgage program?

Answer:

A reverse mortgage program is a loan available to seniors of 62 years and older. These loans are used to tap the existing equity of the home, since many senior homeowners have fully repaid their first mortgage loan, or have little balance to repay yet.

What are reverse mortgage programs used for?

A reverse home loan program can be used to

  • pay other debt,
  • pay medical bills,
  • purchase life insurance,
  • meet health care needs, daily expenses - anything your heart desires.

The best part about reverse mortgage home loans is that these loans are repaid upon sale of the property once the homeowner no longer lives at their house. Upon death and if title is transferred, the reverse mortgage loan balance also becomes due. Other than that, the homeowner is eligible to receive a lump sum, a line of credit or scheduled loan installments and has no monthly payments to make.

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