...Traveling to places such as the Caribben, Costa Rica, New Zealand, Australia, Fiji and many other places, I now don’t have to take a second thought when I am making a decision about my discretionary expenses.

I would recommend a Reverse Mortgage to anyone looking to have the peace of mind and freedoms associated with this great opporturnity.

-Frankin Purnell,
Pomona, California

Reverse Mortgage Options

Reverse mortgages, also known as home equity conversion mortgages (HECM), are programs where a person's house is used as collateral to receive its cash value. These programs differ from regular home loans in that the homeowner does not need to be receiving an income to qualify, nor do they need to pay back the loan or the interest until the house is sold or they are no longer able to care from himself or herself or the property. A reverse mortgage is not paid back until the property is sold.

There are a variety of reverse mortgage options in terms of the way the funds are paid to the individual. It is possible to receive all of the money at one time in which the individual has the responsibility of managing the large quantity of money over the period of his or her lifetime. Reverse mortgages can also be paid out in fixed monthly payments for a set amount of time or for the duration of a person's life. The other option that is available is a line of credit to which the individual has access to whenever he or she desires. naturally any combination of these options can take place and a reverse mortgage is unique in that you can change your options at anytime if there is sufficient credit available to support your choice. Once a reverse mortgage is granted the individual can use this money for anything from daily living expenses to property modification to existing debt. Essentially it is a line of credit or loan that can be used for whatever may occur in life.

Your Benefit Determination is based on several factors:

  • Your age – in the United States the qualifying age is 62
  • Your statistical life expectancy
  • The appraised value of your property
  • The maximum reverse mortgage loan amount allowed in your state and county

At The Reverse Mortgage Store we are able to offer solutions on suggestions about what reverse mortgage options are right for you. Please contact us today or fill out our online application to find out what you qualify for.

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