If you are over 62 years old and have sufficient equity in your home you may be eligible for a Reverse Mortgage. Many Homeowners do not fully understand the benefits that a Reverse Mortgage can provide as opposed to a forward Mortgage or typical Mortgage. Many Homeowners that are of retirement age struggle to meet their monthly mortgage obligation especially if their sole income is social security income and/or pension income. If this is you then you are the ideal candidate for the Reverse Mortgage.
You have diligently paid your mortgage every month for years and years yet you still have the same mortgage payment with a reduced mortgage balance or maybe you have paid your mortgage in full and your home is now free and clear. This is where the benefits of a Reverse Mortgage can really improve your qualify of life and allow you to live out the remaining years in comfort and security. My Clients constantly remind us that having to make the mortgage payment each month based upon the fixed income they were receiving was just enough to get by and created financial stress that truly impacted their life for the negative. Once they were able to secure the Reverse Mortgage their life changed for the positive. They no longer were obligated to make a monthly mortgage payment and this alone freed up disposable income that they could have only wished for while paying their prior mortgage payment each month. They all realized that they could not significantly increase their income so by reducing or negating their mortgage payment entirely their entire financial position improved for the positive.
The other benefit of a Reverse Mortgage is the potential access to future funds by way of an equity line of credit attached to the Reverse Mortgage. One of the major concerns that we hear regarding the Reverse Mortgage is that it is the last mortgage a Homeowner will have and what if they needed to access their equity in the future. The Reverse Mortgage has the potential to offer an Equity Line of Credit that can be used in the future for whatever needs may arise such as medical expenses, new roof, home improvements, auto purchase just to name a few.
Lastly, the Reverse Mortgage also has the potential for the Homeowner to receive a monthly distribution. This distribution can be used to offset your other income to help cover your day-to-day living expenses.
A Reverse Mortgage is a valuable financial tool for those that are equity rich and cash challenged. You have worked long enough for your home, it is now time to let your home finally work for you! For more information on Reverse Mortgages in Sonoma County, Solano County, Napa County, Marin County as well as the whole state of California, contact us today at (800) 325-3399.