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
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