Is a Reverse Mortgage an option for you right now?
If you want to use the equity from your home now, either for your expenses or to help your children - consider a Reverse Mortgage. Your retirement fund may have been significantly diminished due to the current economic crisis. This is an opportunity for you to use the equity from your home to replenish those funds. The process is much simpler than obtaining a regular mortgage and both you and your surviving spouse get to live in your home. Instead of selling your home or using your savings, you can use the equity you have acquired over the years to continue to live comfortably or to give it to your children if they need it. You may not have considered this option before, but given the current situation, now that the stock market has plummeted and many businesses have closed, the money will come in handy until the economy returns to normal.
These are the requirements:
You and your spouse need to have the required age(depends by State) and enough equity in order to be eligible for a reverse mortgage. One of the strengths of the HECM loan program is that there are not overly restrictive requirements, making these loans easier to qualify for than other financial products such as a mortgage refinance, home equity loan, or home equity line of credit (HELOC). You are eligible for a reverse mortgage if:
You are 62 years of age or older
You own your home and use it as your primary residence
The house is single family, multi-family (up to 4), or an approved condominium or manufactured home
You own your own home free and clear or only have a small amount left to pay on the existing mortgage
Your home is in good condition prior to taking out the loan
. Borrower pays for:
Basic home maintenance
Home Owner’s Association (HOA) fees if applicable
If you have any questions, please call me, Nelly Palmer at (786) 467-7800, and either I or someone from my team will be happy to answer all your questions about a Reverse Mortgage.