A lot of news outlets have discussed the pros and cons of the reverse mortgage. This is the only mortgage specifically designed for senior citizens, since applicants must be at least 62 years old. There are some precautions to consider for this loan that are quite different from other mortgages. However, a reverse mortgage in itself is not always a bad idea.

Keep the HomeOne of the best benefits of the mortgage is the option for seniors to keep their home. Living on a fixed income can be difficult for many people. Trying to maintain a certain standard of living, all while the prices of most items continue to rise, can be quite a struggle. Taking advantage of the new income stream that comes from the reverse mortgage allows people to continue living in their own home without the fear of having to move into an apartment or cheaper home.

No Limits on Use of FundsA few mortgages put restrictions on the way money can be used from a refinance. But that is not the case with a reverse mortgage. People can pay off bills, buy a vacation home or get rid of medical debt. The choice is left completely to the homeowner.

Lump Sum or PaymentsOne of the most attractive bonuses of a reverse mortgage is the choice of how to get the money. Seniors can pick a monthly check or a lump sum amount. The lump sum is perfect for people that have a sufficient income to manage their normal obligations but need a little help paying off a large medical bill. The monthly check option is good for people who need to supplement their income.

Detailed program information can be found on our Reverse Mortgage page of our website. For additional information or to see if you qualify, contact us below or apply online!

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