Learn About a Senior Reverse Mortgage

Reverse mortgages are for seniors ages 62 and older. To be eligible you must own your home and your home must be your primary residence. Eligible property types consist of single family homes, 2-4 unit properties, condominiums and townhouses. You should also have 50% equity in your home.

Understanding a reverse mortgage is critical in deciding if one will be right for you. With a Senior Reverse Mortgage, the bank never owns the home. You actually maintain the title and ownership of the home for the length of the loan. It is not required that you pay the loan back until the last surviving home owner permanently leaves the home.

There are no limitations to how you can use your reverse mortgage loan. Use it for anything:

• Home improvements
• Daily living expenses
• Paying off debts or backed up bills
• Going on vacation
• Purchasing a car
• Buying a new home or vacation home
• Adding to your retirement income

When you take out a Senior reverse mortgage you still receive your social security and Medicare. However you should check your states program about Medicaid. You likely can only have a certain amount of liquid assets in order to remain eligible for Medicaid. Therefore you may have to choose to receive your Senior Reverse Mortgage as a lump sum and use it in the same month.

Get a quote right on this website to find out how much you are eligible for. Also, learn the cost of the reverse mortgage and the process. This is a no obligation quote, and it is required by law that you speak to a counselor to discuss options before you move ahead with it. Simply get a quote and get the information you need to make a decision.