Reverse Mortgage
A reverse mortgage is perfect for anyone of retirement age who is looking to restructure their finances to receive an extra source of income for medical bills, living expenses, or any other expense that may require extra money from the individual. These mortgages involve receiving payments each month rather than paying them, in order to tap into the value of your home to get more cash upfront.
Intro to Reverse Mortgages
At Loan Vault, we understand life happens and sometimes that requires extra cash flow. We love finding the right reverse mortgages for anyone over the age of 62 who is looking to refinance in order to receive monthly payments each month rather than make them. This allows you to make payments and handle finances with the peace of mind that you are backed financially, and we love to find you the best rates to make it happen. No gimmicks, just the best loans to make your retirement that much easier so you can enjoy the good life.
What is a Reverse Mortgage?
A reverse mortgage is a mortgage where you receive a monthly payment every month on your home rather than make one. Sound too good? Well too bad, because it’s true. Reverse mortgages simply borrow against the value of your home. It’s like selling your house but being able to live in it until you want to sell. The way it works is that you borrow against the value of your home, and a lender gives you that borrowed value. When the time comes to sell, your borrowed value is taken out of the sale plus interest, meaning you may not get all the sale value you would in a traditional mortgage, but that is what makes it possible for you to receive payments early before you sell.
These loans are:
- Perfect for people of retirement age (over 62 years old)
- Allow you to receive a payment rather than make one
- Involve you tapping into the value of your home BEFORE making a sale.
Is a Reverse Mortgage Loan Right For You?
Requirements to keep in mind when considering a Reverse Mortgage:
- Must be 62 years or older
- Mortgage must be on your primary residence
- Must have at least 50% equity in the home