Senior Thursday
What is a Reverse Mortgage, and how does it help seniors? A reverse mortgage allows seniors to tap into
the equity they've built into their home.
It's a loan against the home, and it doesn't have to be paid back for as
long as the senior lives in the home.
The money is generally tax-free because it's not considered income. Nor
do the funds affect Social Security income.
Homeowners over the age of 62 who have equity in their home, and that
home is their primary residence, qualify for a reverse mortgage. The amount of the loan is determined by the
homeowner's age, the total value of the home, and the amount of equity in the
home.
Monies can be distributed as a lump sum, or in monthly payments. Homeowners can use the money any way they
wish, whether it's to purchase a vacation home, help pay bills, or put a child
through college.
It's important to remember that the senior will still retain ownership
of the home, and can never owe more than the home is worth.
Consult Ken Dellutri, Reverse Morgtage Specialist with American Portfolio Mortgage to
see how a reverse mortgage can help you.
888-302-2762
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