Supplement Your Retirement Income With A Reverse Mortgage
It is a well known fact that many senior citizens live on extremely limited budgets
, and have very low incomes. Sadly, many of these senior citizens cannot even afford decent housing, and finding a place to live can be a huge challenge. Fortunately, there are also many senior citizens who have owned their own homes for years. So, even though they may not be getting a whole lot of money to live on, at least they have a home to live in.
If you are a senior citizen who is on a fixed income and you own your own home, you may want to think about getting a reverse mortgage. This way, you will have some extra cash for your expenses, or even to spend your retirement doing the things you always wanted to, while knowing that you will always have your home to live in for as long as you want to.
What Is a Reverse Mortgage?
A reverse mortgage is a way for seniors to be financially stable, without having to worry about making any monthly payments. A loan is given on the equity of a senior citizen's home, and they can receive it in one lump sum, or in the form of regular payments. The person receiving the loan is not required to make any payments while they are alive and living the home. All of the payments that would normally be made on the loan are added to the lien, and when the homeowner sells, they use the proceeds of the sale to pay off the reverse mortgage. Should the homeowner pass away, the heirs to the home may refinance the property to pay the loan, or sell the property and use the proceeds to pay it off. Assuming the property is worth more than the amount owing on the Reverse Mortgage Guide, the heirs will receive the additional amount for their own use.
Who Is Eligible For a Reverse Mortgage?
If you are interested in applying for a reverse mortgage, there are a few requirements. First of all, you must be at least 62 years old, and if you have any current mortgages on the property, these must be paid with the proceeds of the reverse mortgage before you will be able to use any of the money for your own purposes. You don't have to worry about your credit, as there are no minimum credit requirements for anyone looking for a reverse mortgage. If you are currently going through bankruptcy, this may slow down the loan process a little bit. There are homes that do not qualify for a Reverse Mortgage Education so you will need to find out if yours is one of those homes. If your home qualifies, and you are of the right age, you will qualify for a reverse mortgage.
When you are on a fixed income, it can sometimes seem like you can't afford to have any sort of a life at all. Enjoy your retirement with the additional income you can receive from a reverse mortgage.
by: Leonard H. Franklin
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