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- Reverse Mortgage -
A Reverse Mortgage is a loan that pays you monthly payments instead of you paying a mortgage payment. In fact you do not have to make payments for as long as you live in the property. With a
Reverse Mortgage you can turn the equity in your home into monthly cash income without having to sell your home or make monthly mortgage payments.
Benefits of a Reverse Mortgage Include:
• You retain full ownership and occupancy of your home
• Monthly payments to you are considered tax free income
• You may receive income monthly payments, a lump sum, set up a line of credit or a combination of these options
• You may use the funds to payoff existing mortgages or other financial obligations
• Repayment of the mortgage is not required as long as you occupy the home as your primary residence
• There is no prepayment penalty should you decide to repay the loan early
• You can never owe more than the house is worth
• A Reverse Mortgage allows you to create a cash reserve for emergencies or other needs
Qualifying is Easy:
• There are no income, asset, employment or credit history requirements
• The youngest borrower must be at least 62 years of age or older to qualify
• The property must be a single family home or approved condominiums or a duplex, tri-plex or a 4-plex with at least one of
the units occupied by the borrower
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