Reverse Mortgages
Reverse mortgages are a type of home loan available to homeowners who are 62 years or older. With a reverse mortgage, homeowners can convert a portion of their home equity into cash without selling their home. Unlike traditional home loans, a reverse mortgage does not require monthly mortgage payments. Instead, the loan is repaid when the borrower no longer uses the home as their primary residence.
The loan amount depends on the borrower's age, home value, and current interest rates. Reverse mortgages can be used to supplement retirement income, pay off debt, or cover unexpected expenses. However, reverse mortgages can have higher interest rates and fees than traditional loans and may affect eligibility for certain government benefits. It's important to carefully consider the pros and cons before deciding if a reverse mortgage is the right option for you.
Reverse Mortgage Characteristics
1) Reverse mortgages are home loans available to homeowners who are 62 years or older.
2) With a reverse mortgage, homeowners can convert a portion of their home equity into cash without selling their home.
3) Reverse mortgages do not require monthly mortgage payments, but the loan must be repaid when the borrower no longer uses the home as their primary residence.
4) The loan amount depends on the borrower's age, home value, and current interest rates.
5) Reverse mortgages can be used to supplement retirement income, pay off debt, or cover unexpected expenses.
6) Homeowners must continue to pay property taxes, insurance, and maintenance costs while they have a reverse mortgage.
7) It's important to carefully consider the pros and cons of a reverse mortgage before deciding if it's the right option for you.
5) Reverse mortgages can be used to supplement retirement income, pay off debt, or cover unexpected expenses.
6) Homeowners must continue to pay property taxes, insurance, and maintenance costs while they have a reverse mortgage.
7) It's important to carefully consider the pros and cons of a reverse mortgage before deciding if it's the right option for you.
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Primary Residential Mortgage, Inc.
. - NMLS# 3094 I 1220 A East Joppa Road Suite 118 Towson, MD 21286
PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. The content in this website has not been approved, reviewed, sponsored or endorsed by any department or government agency.
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