Curious About Reverse Mortgages?
If you are looking for a way to increase your retirement income, a Federal Housing Administration (FHA) insured reverse mortgage may be just what you are looking for.
A reverse mortgage allows you to access a portion of the equity in your home to obtain tax-free income. Plus, with this type of loan, there are no mortgage payments.
If you are 62 years of age or older and you have sufficient equity in your home, you may be able to get the money you need for a number of reasons such as:
· Pay off your current mortgage
· Continue to live in your home and retain ownership
· Pay off debts
· Improve cash flow
· Make necessary repairs or renovations
· Have funds for unexpected expenses
Applying for a reverse mortgage is very simple. For eligibility:
· The homeowner(s) must be at least 62 years old.
· The home is the primary residence.
· Single family home, townhome, approved condominium or manufactured home.
The FHA Insured reverse mortgage, also known as HECM, is a safe, secure loan that lets you access your home’s equity to get cash for your retirement funding needs.
JoAnn Moore, Local Licensed Mortgage Professional, President of The Mortgage Market of Delaware, LLC. NMLS #165477. Georgetown, Delaware. Office 302-855-1306, Cell 302-236-1229 MMODJoAnn@aol.com