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Retiring? Get a Reverse Mortgage!
Are you retiring from work? Looking for an extra income? Well this might be a good option, a Reverse Mortgage. As for me , looking on this option seems to be a good choice. Unlike the usual loans that we have to pay monthly and took years to get out of the loan this reverse mortgage brings it to the next level by getting a loan without paying it month by month. That will be fulfilled using your house.
Many seniors are resistant to the idea of selling the home they’ve lived in for years because there were sentimental values already. That’s why reverse mortgages are a convenient solution. Stay in the house you love while enjoying an additional revenue stream to cover health care costs or other expenses
In the most basic terms, the reverse mortgage allows you to take out a loan against the equity in your home, but you don’t have to repay the loan during your lifetime as long as you are living in the home and have not sold it. If you want to increase the amount of money available to fund your retirement, but don’t like the idea of making payments on a loan, a reverse mortgage is an option worth considering.
There are no income or credit requirements, and the loan has no monthly payment.
Qualifications to get a reverse mortgage
1. You must be at least 62 years of age.
2. You must own a home.
This could be the growing solution for those who are retiring. In my opinion, it would be of help since when we retire, we just get pensions that aren’t enough for all the necessities we will be needing. With loans provided by reverse mortgage , one can easily cope up with the old ways they had when they were still at work. You won’t even feel your in debt because you will not be paying it monthly. It’s either the owner pass away, sold the house or move to different home.