You may qualify for a
Reverse mortgages can provide a win-win situation for senior real estate property owners. They provide cash-poor seniors 62 and older to remain in their homes by tapping into their equity. With reverse mortgages, homeowners can receive payment from the lender, in a line of credit, lump sum, fixed monthly, or combination payment these payment options. All while not making any monthly mortgage payments. The loan is not repaid until the last remaining borrower passes away, sells the home, or permanently moves out. It's a financially responsible alternative for seniors who's provisions might otherwise call to sell, downsize or take a home equity line of credit out against their home.
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The site also provides a number of other resources to help seniors better understand the sometimes difficult process of improving retirement through leveraging finances.
Reverse mortgages can provide a valuable income source and financing option. In order to be eligible for a reverse mortgage seniors must obtain a mandatory certificate of completion from a HUD approved third party counseling session.