A reverse mortgage is a way to receive cash from the equity in your home. Traditionally, you would be required to sell your home, refinance your mortgage, or take out a home equity loan in order to access your equity. However, a reverse mortgage allows you to remove equity (cash) from your home without paying it back for as long as you line in your home.
You can receive this cash in several ways:
1. In one lump sum
2. In a monthly payment
3. In a credit line which you can withdraw from as needed.
4. A combination of all three payment options
Contact our real estate department at (850) 434-8904 to find out more on how you can benefit from a reverse mortgage.
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1 comment:
Reverse mortgage is a useful estate planning tool that banks and financial institutions ought to offer making available to seniors. It's a great security for them to ensure the delivery of their pensions in the amounts they thought forthcoming.
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