Are you about to retire from work, and you’re putting things in place to have a lovely retirement? Then, going for a reverse mortgage in colorado is an option you might want to opt for. You’re qualified to get a reverse mortgage if you are over 62 years, and you own a home with adequate equity. As a homeowner, a reverse mortgage allows you to borrow equity. Rather than paying the lender, the lender makes payment to the borrower. Reverse Mortgage payments can be made either as a lump sum, Periodic advances through a line of credit, as a monthly payment as long as the borrower still resides in the home, or as a combination of any of them. Now comes the question, what precisely do you stand to gain by taking a reverse mortgage? You should consider the following benefits:
Comfort of a reverse mortgage
As a homeowner, Reverse Mortgage makes you live a more comfortable retirement. It allows you to continue living in your home while also getting paid. More so, your title as the homeowner will not be ripped off you. With a reverse mortgage, you still retain ownership of your home. You can also choose to take your funds whichever way you desire. You can take it as a lump sum at once. You can also take it as a line of credit that can be tapped when needed or as a steady stream to be paid monthly for a specific period, or as long as you are still a resident of the home. Another option is that you can be paid with a combination of these options. However, if you opt for a fixed-rate loan, you’ll be paid a single disbursement lump sum. This is good if you have a significant project you need to spend on.
No Monthly Mortgage Payment Required on a reverse mortgage
With a reverse mortgage, you’re not required to make any monthly mortgage payments as long as you still stay in the house, and you continue to meet your usual obligations. These obligations include payment of your property taxes, maintaining your property, plus homeowners’ insurance.
Reverse mortgages do not affect some benefits from Government
Some benefits you are entitled to as citizens from the government are generally not affected by a reverse mortgage loan. You’ll still get your social security or your Medicare benefits. Nevertheless, you should seek the advice of a financial professional on this, to know the potential financial implication that may be posed by securing a reverse mortgage loan.
Once your loan has been repaid, you or your heirs are entitled to the remaining equity. In other words, the remaining equity belongs to you. These are the benefits of taking a reverse mortgage. If you need to learn more about reverse mortgages, you should click https://reversemortgagerevolution.com.
Name: Kevin A. Guttman – Reverse Mortgage Specialist
Address: Colorado Springs Colorado 80919
Phone: (719) 302-5820
Toll-free: (877) 251-9709