Reverse mortgages, which allow boomers to
access the equity in their home without having to pay a monthly mortgage payment, are a more strategic approach than relying solely upon social security, which averages to a monthly income of only about $ 1230.
In addition, reverse mortgages were designed to help seniors age in place, so you can
access the equity in your home without having to leave the home — a feature that proves helpful to many seniors.
Not exact matches
Reverse Mortgages allow you to tap into the
equity you currently have
in your
home without having to make monthly mortgage payments, and allow you
access to an area where you may hold most of your wealth.
With a reverse mortgage, you can
access your
home's
equity while remaining
in the
home without a monthly mortgage payment, as long as all loan terms are met, such as paying taxes and insurance and maintaining your
home.
It allows you
access to the
equity in your
home without having to apply for a new loan.
It allows them to
access their
home equity in the form of monthly income, a line of credit or immediate cash, tax - free, to use for any reason,
without ever having to make a mortgage payment on the loan, as long as they live
in their
home and meet some required criteria.
With a reverse mortgage, you can
access your
home's
equity while remaining
in the
home without a monthly mortgage payment, as long as all loan terms are met, such as paying taxes and insurance and maintaining your
home.
If a large amount of
equity has accumulated
in the
home, refinancing provides a homeowner with a way to
access cash
without having to sell.
A HECM enables seniors to
access a portion of their
home's
equity without having to make monthly mortgage payments as long as they live
in the
home as their primary residence, continue to pay required property taxes, homeowners insurance and maintain the
home according to FHA requirements.
Reverse Mortgages allow you to tap into the
equity you currently have
in your
home without having to make monthly mortgage payments, and allow you
access to an area where you may hold most of your wealth.