A reverse mortgage is similar to an equity line of credit with NO payments for the life of the loan.

It is a loan specifically designed for homeowners age 62 and older. It is a mortgage in reverse. Instead of you making payments to a lender the reverse mortgage lender pays you. It converts equity to immediate cash, guaranteed income, a credit line or a combination of the above. The cash can be used for anything. It can be used supplement income, to pay for medical or home care or to eliminate your house payment. Reverse mortgages can also be used for home purchase and to refinance 2nd homes. For details, call Angella now at 866-949-7030.

For example a senior homeowner qualifies for proceeds of $250,000.00: The senior opts to take their reverse mortgage proceeds as $75,000.00 cash up front, $1100.00 guaranteed monthly cash for life and set up a $25,000.00 credit line for emergencies. We customize each reverse mortgage program to meet your individual needs and goals. No sales no pressure, simply information so that you can make the best decision for you.

What are common uses for reverse mortgages?