Are you 60 years or older, you have a mortgage-free home, currently living in the in it and in need of cash, you may consider getting a reverse mortgage.
You could use this type of mortgage to,
• Assist your children to purchase their own homes?
• Fund some home repairs or improvements.
• Travel to visit family.
• Pay for medical bills.
• Get a new car?
• Paying bills
A reverse mortgage, allows you to convert your home equity into cash with no monthly mortgage payments; it allows you to borrow against the equity in your home; This means you can free up part of the value of your house without selling it. The lender will get its money back including accrued interest when your house is sold, this is usually when you go into full-time care or you die, or the last person named on the reverse mortgage document permanently leaves the property.
To be eligible for a reverse mortgage,
1. You must be at least 60 before you can apply for a reverse mortgage.
2. You can only borrow a percentage of your home’s value.
3. Your home needs to be mortgage-free, although you may be able to borrow if you have a small mortgage left and use the loan to pay it off.
For more information on reverse mortgages and its pros and cons, visit,
https://www.investopedia.com/terms/r/reversemortgage.asp
