Are you 62 or older and own your own house?
If so then you may be eligible for a reverse mortgage.
Don’t we all dream about a decent retirement, and finally engaging in our hobbies when all the professional responsibilities are fulfilled? But with time, that may result in increased monthly bills, and at the same time, our steady income source is cut down. Reverse mortgage provides an ideal solution in such a scenario.
Reverse mortgage allows a homeowner to borrow money against the value of his or her home. No repayment is required until the borrower dies or the home is sold. A homeowner is still required to pay property taxes, homeowners insurance and property maintenance to keep the loan in good standing.