Need Cash? 62 or Older? Have Home Equity? A Reverse Mortgage May Be Right For You!

Reverse Mortgages can be a simple way for homeowners who are at least 62 year of age to access the equity in their homes.  Although is can be a simple method to get cash out of the equity in your home, everyone should have proper consultation and understanding before taking out a reverse mortgage.  Some of the Qualifications are:

• Must be primary residence and borrower has to be at least 62 years old
• No income, FICO score, health and/or credit requirements
• New loan must be in first position on title
• Third-party consultation by HUD approved Counselor is required

Some of the Features include:

• Homeowner retains title to home; bank cannot foreclose and evict Borrower.
• Loan Proceeds do not affect Medicare or Social Security and should be tax-free
• Loans are non-recourse-borrowers will not owe more than appraised value of the property at the time the loan is due.

Some of the Benefits include:

• Senior homeowners can leverage existing home equity as source of funds
• Repayment not required until the last borrower no longer resides in the home as their primary residence.
• No restrictions on how loan proceeds after repaying existing liens on the home
• Can even be used for the purchase of new residence.

This is just an overview of what a Reverse Mortgage can provide, for additional information contact a reputable, qualified Reverse Mortgage Consultant.

Let us refer you to a trusted, professional Reverse Mortgage Consultant and for Park City Real Estate contact Jim and Billie Harsch with Mountain Town Realty Group at http://www.unlockparkcity.com