Reverse Mortgage – What to Know
A Reverse Mortgage might be for you if:
- You are wholesale mlb jerseys definitely staying in your home. Either you simply do not want to leave, or other options are undesirable or expensive.
- Enjoying your retirement is important to you.
- Having a financial cushion for home repairs, medical bills and/or long term condition makes sense to you.
- You typically need additional income and your home is you only major asset.
- You like the security that comes from knowing your financial needs are well cared for.
How a Reverse Mortgage Works
The amount of money available to you is calculated on the following factors:
- Age: You will receive more money if you age is greater.
- Value of your home: The amount of money generated by your reverse mortgage depends on your home’s appraised value. A higher appraised value equals more money, with a maximum of $625,000 available.
- Current interest rate: cheap jersey China The current interest rate is factored in as well.
- Payment type: You can receive payment in fixed monthly payments, wholesale nba jerseys a credit line, a lump sum, or a combination of all three types of payment.
- No payment is required on the mortgage until you cease to live in the home. At this time, the heirs or borrower may decide to: Pay back the loan and maintain ownership wholesale mlb jersey China of the home or wholesale nhl jersey China pay pack the wholesale basketball jerseys loan by selling the home.
In order to receive a Reverse Mortgage, sometimes you must attend a counseling session to learn more about eligibility, options and other requirements.