Reverse Mortgage Eligibility
Reverse Mortgages can be used as a tool by senior citizens (specifically age 62 and above). These are also known as Home Equity Conversion Mortgages for seniors. They are typically used to help supplement income but can be used in whatever manner necessary by the borrower. The reason reverse mortgage is a popular tool is it allows seniors to remove equity from the home without increasing monthly expenses. The senior also can have peace of mind as long as the agreement is kept by the borrower, they will not risk losing their home regardless of age. To determine your eligibility you will want to use a reverse mortgage calculator also know as a Home Equity Conversion Calculation. Dont be fooled; These are very specific to each individual’s situation and can not be generically calculated. In order to know the pros ans cons of a reverse mortgage you need to get a specific calculation.
We have been in the business a long time and we specialize with just reverse mortgages. We talk to seniors every day and have seen every situation you can imagine. We can be used as a free resource to help determine if a reverse mortgage is right for you or your loved one. We look forward to speaking to you about your retirement needs. Our company is available to you when you are ready to explore the facts about reverse mortgages.