Still unknown to many, this brilliant retirement method is helping senior citizens across the country by eliminating their monthly mortgage payments and putting cash in their bank account through what’s called a “Reverse Mortgage Loan”. You can bet that your current mortgage holder might not be too thrilled about this, since they would be losing your business.
What Exactly Is a Reverse Mortgage and How Does It Work?
A reverse mortgage is essentially a loan. You are borrowing against your home equity. You can get a lump sum amount, line of credit or get monthly checks. However, unlike traditional mortgages, with a reverse mortgage you do not have to pay back the money you have borrowed as long as you are living in the home. A Reverse Mortgage loan is often a great solution to eliminate your monthly mortgage payments and generate retirement cash.
Reverse Mortgages are ideal for you if:
You’d like to eliminate your monthly mortgage payment, or if you struggle with bills every month. Could you use an extra $600-$1500 per month?
You plan to stay in your home for the rest of your life.
You could use the extra money that it provides you (tax free).
You are 62 years or older and have 50% or more equity in your home.
Although a Reverse Mortgage sounds like a no-brainer, there are many things to consider when exploring this retirement method. If you would like more information on how a Reverse Mortgage works or if you’d like to calculate your loan amount you’ll want to take this reverse mortgage suitability test. It takes about five minutes, and the service is 100% free. You have nothing to lose!