Reverse Mortgage as a Retirement Tool?

in Real Estate News

Great Article on Reverse Mortgage. There are a few great points and a checklist for you to see if this product will work for you.

Here’s a quick guide to using a reverse mortgage:

• You, and your co-owner if you have one, must be age 62 or older in order to qualify for a reverse mortgage. You must pay off any existing mortgages either before or as part of the transaction of acquiring a reverse mortgage.

• The amount of money you can get depends on several factors including your age, the value of your home, and the current mortgage interest rates. A good rule of thumb is 50 percent to 60 percent of your home’s appraised value. An FHA appraisal is required.

http://www.al.com/business/index.ssf/2014/04/reverse_mortgages_for_retireme.html

Contact Jamie Nummer from Somerset Lending to find out more about if this is a mortgage tool for you!
nummerteam@somersetlendingcorp.com
Office: (248) 686-3542 | Mobile: (248) 895-4541

https://somersetlending.com/

Previous post:

Next post: