Reverse Mortgage
30
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Experience
Reverse Mortgage
What is reverse mortgage?
A loan that is available for elderly aged 62 years and above. You need access to the equity for your daily expenditures. Here, reverse mortgages give you access to borrow against your home’s equity with zero monthly payments. This is as far as you remain/live in your home. The reverse mortgage loan has to be repaid when the home-owner sells the home or passes away.
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Eligibility
Check your eligibility for reverse mortgage
The eligibility includes an individual whose age is 62 years and
beyond who must possess minimum equity in the home.
Also, the property must meet the required FHA standards & you may need to go through a
counseling session that’ll be conducted by the department of
housing-urban development to acquire knowledge about the loan and options.
A reverse mortgage helps you turn an asset into money/cash that you can utilize to cover
your expenditure during your retirement.
Save and safeguard your retirement!
Our Versatile Products
Use your ownership to secure life’s journey.
Better than selling
If you have a reverse mortgage loan, you can pay back the money you borrowed and sell your home. If your loan balance is less than the amount you sell your house for, then you can keep the difference. Avoid paying rent and make way for your lifetime savings - free yourself from moving and exhausting.
Great fund flexibility
A reverse mortgage allows you to turn an otherwise illiquid asset into cash that you can use to cover expenses in retirement. Reverse mortgages are ideal for retirees who don't have a lot of cash savings or investments but do have wealth built up in their homes. Use your home equity whilst living in your dream home.
No monthly payments
The amount of money you can receive from a reverse mortgage generally ranges from 40-60% of your home's appraised value. The older you are, the more you will receive, as loan amounts are based primarily on your life expectancy and current interest rates. While owning your home, access additional funds with no monthly principal rates.
