The Big Question Is
WHAT IS A REVERSE MORTGAGE
A Reverse Mortgage is like any other loan in most ways except for one MAJOR detail! You're not required to make a monthly mortgage payment! Sounds like a scam.
Well... it's not.
In 1988, the Department of Housing and Urban Development (also known as H.U.D.) started a pilot program to help seniors more easily convert the equity in their homes to cash. Today, the Reverse Mortgage Program is now one of the fastest growing segments of the mortgage industry.
To qualify for this program, you must be 62 years of age and a homeowner. Most importantly, there are no income or credit requirements. That's right! You can have the worst credit in the world, make no money, and still qualify for the Reverse Mortgage.
How can you turn your equity into cash and not have to make a payment? The answer is easy! The government understands that most seniors are on a fixed income and they deserve to access money from the equity in their home, but that left one problem. Seniors cannot afford to take on the expense of a monthly payment. With a Reverse Mortgage, we loan you a portion of your equity, and require no payment while you reside in the property. Following the death of the last surviving spouse, your children will sell or refinance the home, pay back the Reverse Mortgage, and will keep all the left over profit!
And that's that!
