Reverse mortgages are used today as a financial vehicle for many seniors in retirement. In the past, this was frowned upon, as a reverse mortgages was considered an insecure, unstable financial instrument. Today, however, this instrument has become very popular to helping seniors be more comfortable financially in retirement.
Many options are available with reverse mortgages today. There is the traditional reverse mortgage, where seniors may use the equity built in their homes as a vehicle to finance their retirement. There’s the HECM Reverse Mortgage, which is a vehicle used where seniors are allowed to take the equity in their homes and purchase another property with the proceeds. In other words, it’s a reverse mortgage for purchase. There’s a jumbo reverse mortgage where your property is above the $417,000 conventional level, classifying as a traditional jumbo property.
All above-mentioned vehicles, are strategic tools seniors may use in retirement in order to be able to finance their retirement. No risk is attached to a reverse mortgage. A retired individual, and their spouse, may live comfortably in their home while accessing the equity in their homes while in retirement.
Regardless of which type of reverse mortgage is chosen, certain conditions remain the same with which the retiree has to comply. Among these, of primary importance is that the retiree applicant be 62 years of age.
If you are interested in a reverse mortgage for yourself or your elderly parent, have a look at our online brochure here, where you can learn more about the facts surrounding reverse mortgages.
I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Strock and Tanner Loans specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.