Reverse Mortgages

What is a Reverse Mortgage?

• A Reverse Mortgage is a loan specifically designed for homeowners older than 62 years old. 
• A homeowner borrows from the equity in their home.  It can then be used for any purpose and does not need to be repaid until the homeowner sells the home, permanently moves out, or passes away.
• Rather than paying into a mortgage, homeowners tap into their equity for retirement support.
• The lending company makes regular payments to a homeowner during a specific period of time.  The amount of payment is determined by the amount of equity the homeowner has in the home.
• The final payment is calculated not to exceed the home's selling price.

Please contact me for more in depth information about reverse mortgages and real estate.  There is help in these times of uncertainty, please contact me with any questions and/or assistance.  If I do not know the answer I will get it for you.  I will never mislead or misinform you.  I am here to help.

About the author: 

Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit www.cherylbowers.com for your real estate needs.  Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.

Cheryl Bowers, REALTOR® (630) 712-1921

(Copyright © 2008 By Cheryl Bowers, Realtor. All Rights Reserved.)