Home : Blogs : Rebecca Schrader : Rebecca's Blog

Seniors Get Paid by Reverse Mortgage!

What a budget balancing tool! Seniors over 62 can get monthly checks paid to them out of the equity in their homes.

Qualification is easy, there is no minimum credit score and the hardest part of the approval is being 62 or older.

If their is sufficient equity and a monthly check would come in handy, call one of our Reverse Mortgage experts - 863-229-2524 or visit www.bojacy.com/ReverseMortgage

Posted by Rebecca Schrader on 10/14/2008 09:50 AM

Comments (3)

Reverse Mortgage in the Mortgage / Finance Channel

reverse mortgages fha hecm seniors

This post has been included in Florida Information

3 Comments on Seniors Get Paid by Reverse Mortgage!

OCT

2008

I think that this might be one of the best programs that have been released.

OCT

2008

Interesting concept. How does it work? Can they outlive their money? I'm interested to know the risks associated with this type of loan. Please share. :) Thanks.

signature

You can't outlive the money, and it doesn't have to be repaid while the senior lives their. Once the max loan amount is received, the payments would stop. And, once the senior left the home for good, the loan would need to be repaid by a refinance or sale.

For the senior's end of it, there really is no downside. I've seen situations where a nursing home seemed like the only way out, but a reverse mortgage allowed for in-home care and this particular senior lived out his days in his home of over 50 years.

After his passing, the home was sold, the loan was paid and the kids split up the rest of the equity.

Did you visit their website? HUD has one too.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?