You worked for decades to obtain and maintain your house; how about letting your house work for you now? Basically speaking, a reverse mortgage does just that. Accessing the equity you’ve built up over the years, a reverse mortgage lets you enjoy monthly payments while you live mortgage free.
It’s probable that you and your family have heard about reverse mortgages – their drawbacks, their benefits and the myths surrounding them. But how much do you know about them really? On the surface, the alternative lending opportunity can be quite complicated and even intimidating, however, the basics of a reverse mortgage are quite simple.
Backed and insured by the Federal Housing Authority, a reverse mortgage is available to applicants ages 62 and older. Allowing you to access a portion of the equity of your primary home, they allow borrowers to maintain title and ownership of their house. Because of FHA regulations, you’ll never have to worry about owing more than your home is worth. No repayment of the loan is due until you move from your primary residence or the borrower passes away.
Protecting borrowers against ill-advised or fraudulent practices, HUD counseling is required of all reverse mortgage applicants. Though proceeds from reverse mortgages are not subject to personal income tax, it is recommended that borrowers seek the advice of a professional tax accountant.
Offering transparent, unbiased guidance, your personal lending agent at Denver Reverse Mortgage will help you determine if the benefits of a reverse mortgage will help you meet your financial obligations or goals. Schedule your personal, in-home consultation today to find out more.