You may have been hearing more about reverse mortgage in the news. Reverse mortgages are a special type of home loan that allows a homeowner to convert the equity in their home into cash in a monthly payment. They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and allow them to keep their homes if they choose to.
If you are interested in a reverse mortgage, do not pay anyone for information about reverse mortgage this information that is provided free from HUD.
Homeowners 62 and older who have paid off their mortgages or have only small mortgage balances remaining, and are currently living in the home are eligible to participate in HUD's reverse mortgage program. The program allows homeowners to borrow against the equity in their homes. Homeowners can select from several different loan programs.
•· Minimum age 62 years or older
•· The property must be owned
•· The property must be the primary residence
•· Attendance in a consumer information session given by an approved HUD counselor
For more information visit the HUD website: http://www.hud.gov/
If you find that a Home Equity Conversion Mortgage is not the right option for you, possibly downsizing or another option would work better for you. If you choose to sell your home, for personal, caring service call Barbara Carter or Becky Cook for assistance. We can help you get your home sold when you want in the time you want and help with all aspects of the transition.
Barbara Carter and Becky Cook
Mother/Daughter Team Realtors
Exit Realty Service
10 Main Street
New Paltz New York 12561
Barbara 845 505 3160 Becky 845 853 4210