As you can see, a reverse mortgage is the opposite of a traditional mortgage …it pays YOU money!
A traditional loan means borrowing a large sum from the bank and paying down that debt, which increases equity. With a reverse mortgage the opposite happens: the equity is paid out to you and the loan balance accumulates over the years, reducing the equity. However, most real estate appreciates over the life of the loan, which means you will probably always be in an equity position.
In addition, today’s reverse mortgage guarantees that the amount of the repayment will never exceed the home’s value.
A reverse mortgage is a powerful tool for realizing your dreams, keeping up with expenses and planning for your heirs.
Reverse Mortgage Advisors has a representative near you.
Your personal envoy to a new chapter in your life – your loan officer – is an expert in this specialized field of finance.
He or she will guide you through the process and make it an easy and enjoyable experience to secure a reverse mortgage.