A reverse mortgage offers you debt free access to home equity. With a reverse mortgage you can:  Supplement retirement income/ Pay medical bills/
Pay for home improvements or tuition

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How a Reverse Mortgage can help you

If you are older than 62, your home equity may be an excellent way to fund your retirement needs. BorrowMoney can help you find lenders who can help you navigate the complex Reverse Mortgage process and determine if a reverse mortgage is right for you.

A reverse mortgage can help you:

  • Access your home equity without debt
  • Supplement retirement income
  • Pay for medical bills
  • Eliminate your mortgage payment
  • Pay off high-interest debt

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What is a Reverse Mortgage?

A reverse mortgage allows homeowners 62 years of age or older to use the equity in their homes to eliminate their monthly mortgage payment and/or supplement their income. Unlike a conventional mortgage where a homeowner increases their equity by making a payment each month, ultimately paying off the loan at the end of the term (e.g. 30 years), the homeowner on a reverse mortgage makes no payment. Instead, you receive payments from a lender, allowing you to supplement your income.

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What is a Reverse Mortgage?

  • Homeowner must be at least 62 years of age
  • Loan can be made on a primary residence only
  • Eligible property types are single family, townhomes, condo, and multiple family with less than four units
  • No income or credit requirements
  • Significant equity in property needed

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