You need money. You need it badly. At 65, however, you don’t have the stamina to stomach the inconvenience a long-term loan would require. So, what do you do? You tap into the value of your home and convert it into cash! This is possible through reverse mortgage. Reverse mortgage lenders let you borrow money against your own property.
Why go to a reverse mortgage lender and not a bank? We asked people who have been to their reverse mortgage lenders, and these are the reasons they gave.
1. You do not need to pay back the loan UNLESS you decide to sell your house, change address, or – inconveniently for you and your reverse mortgage lender – die.
2. Release of the loan is not based on credit history. What is it based on then? The equity of your home is one factor, but there are also a host of others.
3. Payments, or non-payment for that matter, to your reverse mortgage lenders would not affect your Social Security, Medicare, or pension benefits.
4. Payments and loan amounts are tax-free.
5. You are given flexible options in receiving your loan. Reverse mortgage lenders could give you your money in a lump sum, in...
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