This is Mark Warner with propertiesandoptions.com and I wanted to comment today about reverse mortgages and give some general ideas about reverse mortgages. Most reverse mortgages are for 62 year olds and older who have equity in their home as well as little or no debt. The purpose of this is to convert the equity in your home to income.
Wide Variety of Programs Available
The programs out there vary widely and it’s based on the cost of those mortgages as well as the interest rate as well as your age so closely look at the various options that are available to you. Opposite reverse mortgages are a couple of other ideas you can look at what’s called a HELOC, which is a home equity line of credit and it allows you to borrow money as needed. The opposite side of that HELOC means that you have to make monthly payments on the money that you borrow versus a reverse mortgage gives you income and there are no payments. The other option is you could potentially sell your home and move to something smaller or go rent a facility. Make sure you check out the various programs that are out there. The amount that you can get on a reverse mortgage, again, varies on interest rate, your age, and the value of your home so check closely.
This is Mark Warner with propertiesandoptions.com.