Many people over the age of 62 years old decide to get a jumbo reverse mortgage. This is for many reasons. With today’s economy, many retirees have lost a significant amount of their retirement funds through bad investments, leaving them little or no money to live on. That is when a reverse mortgage can help you. If you own your home outright and everyone on the deed is over the age of 62 years old, you can qualify to borrow from 1%-100% of your home value. You will not make any payments during your lifetime, unless you sell your home, at which time the bank will take what is owed on the loan amount from the sale of your house.
The Skinny on Jumbo Reverse Mortgages
February 28th, 2009 — Reverse Mortgage
Information on Reverse Mortgages
February 27th, 2009 — Reverse Mortgage
Deciding whether or not to get a reverse mortgage after you have turned 62 years old is not an easy decision. Many people desire to leave the equity in their homes for inheritance purposes for their children or grandchildren. If, however, you have saved up quite a bit in your savings, but would like a little extra cash to help supplement your monthly income, consider taking out a smaller reverse mortgage. While it is true that you can borrow the entire amount of your home’s equity, you can also borrow a smaller amount to apply towards a luxury vacation, to pay off some bills or any other reason. You will not be required to pay back this loan until the event of your death, or when you must sell your home, whichever comes first. Getting all the needed information on reverse mortgages from a reputable lender is where you should start.