|
|
Reverse MortgagesHome Equity Conversion Mortgage aka Reverse Mortgage
A reverse mortgage allows a homeowner aged 62 or older to convert part of the equity in their home into tax-free income without having to sell the home, relinquish title, or assume a new monthly mortgage payment.
There is no income or credit qualification, or a monthly repayment until the homeowner permanently leaves the home. When the homeowner dies or moves, the house is sold, and the mortgage is repaid from the sales proceeds.
Homeowners can use the equity for any expense:
- Medical expenses
- Home improvements
- New car purchase
- Vacations
- Any way you like!!!!!
Benefits to this program include:
- Tax-free cash proceeds
- Social Security, Medicare, or Pension benefits are not affected
- No payments during the life of the loan
Contact one of our experienced Mortgage Specialists for additional details at 202.488.5400 ext 1863 or via email.
|
|
|
