Why Get a Reverse Mortgage?
Seniors wonder if it makes sense to get a reverse mortgage.
The decisions to get a reverse mortgage will depend on your financial situation and your lifestyle goals.
Mindful Money offers reverse mortgage tips for qualified seniors.
What is a Reverse Mortgage?
A reverse mortgage is a real estate secured loan that’s offered to qualified borrowers.
The loan may be used to pay off an existing mortgage loan, toward home repairs or to supplement a borrower’s monthly income.
Unlike a forward mortgage loan, a reverse mortgage does not require monthly mortgage payments.
Should Seniors Get a Reverse Mortgage?
Getting approved for a reverse mortgage is ideal for seniors who want to explore certain home equity options.
Qualified seniors can borrow a portion of their home equity to receive an upfront cash disbursement or to obtain scheduled periodic disbursements.
Seniors may consider getting a reverse mortgage if the loan enhances their lifestyle and financial situation.
Can I Pay Off Debts With a Reverse Mortgage?
Yes, if you’re approved to get a reverse mortgage, the loan proceeds may be used toward bills that you want to pay off.
Reverse mortgages are frequently used to pay off mortgage loans, student loans, credit cards, auto loans and other debts.
An experienced reverse mortgage broker can review your financial situation and discuss which debts you would like to resolve.
Who Can Help Me Get a Reverse Mortgage?
Seniors are urged to refuse unsolicited calls from people who inquire about their finances.
Many predators try to gather personal information from seniors who are looking for more ways to stretch a fixed income.
Samantha Cooley of Mindful Money is a licensed mortgage broker who is also a trusted reverse mortgage professional.
As a dedicated lending professional, Samantha can honestly answer questions about the reverse mortgage process.
Contact Samantha today to discuss which home loans are best aligned with your financial goals.