- Reverse Mortgages allow seniors to tap into home equity to obtain tax-free money
- Funds can be used for anything
- No monthly payments
- Senior retains title
- Loan is repaid when the senior moves or upon death
- Heirs receive from will or trust from Senior
What Are Some of the Benefits of a Reverse Mortgage?
- Eliminates your current mortgage payment (if any)
- Requires you to make NO MONTHLY PAYMENTS of any kind
- Enables your heirs to inherit your home
- Enables you to stay in your home for the rest of your life
- All proceeds are Tax FREE, there are no income or credit requirements to qualify
- You can use the funds for any purpose you choose
- All borrowers must be over the age of 62
- All borrowers must occupy the property as their principal residence
- No credit or income requirements
- Existing single-family homes, PUDs, condos, manufactured homes & 2-4 unit properties
- Existing liens OK
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