You might have heard the term “reverse mortgage,” but do you really know what a reverse mortgage is? If you are over the age of 62 and/or if you have loved ones over the age of 62, it is worth familiarizing yourself with at least the basic of what a reverse mortgage is. A reverse mortgage might end up being a great tool for your retirement.
A reverse mortgage is a unique kind of loan that allows homeowners over the age of 62 to borrow money against the equity in their home. The loan does not have to be repaid until the homeowner dies, sells the house, or moves out for at least 12 months.
It is important to know that if you get a reverse mortgage you are not giving up the ownership of your home. However, since you own the house and not the bank, you are still required to pay your property taxes and homeowners insurance.
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The amount you can actually get with a reverse mortgage depends on your age, your home’s value, and the prevailing interest rates. Generally speaking, the older the borrower, the more the house is worth, and the lower the interest rates, the more they can borrow. To find out how much you can borrow, it is helpful to have a consultation with a reputable Reverse Mortgage Specialist like those at FirstBank in Venice, Florida.
The Reverse Mortgage Specialists at FirstBank are passionate about educating seniors on the details of how a reverse mortgage can help fund their retirement. They work closely with their clients’ personal bankers and financial advisors to make sure that a reverse mortgage is truly in their client’s best interest. If they find that a client can indeed benefit from a reverse mortgage, they walk the client through every step of the process.
If you are a homeowner over the age of 62 and you are at all worried about how you will fund your retirement, call FirstBank Reverse Mortgages today and learn everything you need to know about this unique financial tool.