Every day the segment of our population that reaches 62 years of age increases. Many of them realize at this age that they do not have the financial resources to fully enjoy retirement life and sacrifice not only the financial benefits of retirement but, in many cases, basic needs. This is why the Reverse Mortgage is so popular among senior citizens.
The reverse mortgage allows seniors to release a portion of equity (value of their home) and turn it into cash, either to pay off the existing mortgage and enjoy the income that was previously earmarked to pay monthly for that mortgage or dispose at will of the money that will increase your quality of life in a timely manner, the case is that the property is paid.
The process of getting a Reverse Mortgage is relatively straightforward compared to other traditional mortgage products as it does NOT require monthly payments. You will retain your title in the Land Registry and may settle, pay or sell at any time, without penalty. Check out our reverse mortgage experts today. Learn about the additional benefits of the reverse mortgage as well as FHA requirements for this program, protocol to follow, the conditions in which the property should be, and your responsibilities.