Reverse Mortgages (use existing equity to make your payments)
I am a licenced Broker who can offer solutions to clients 55+ who own their own home. The Reverse Mortgage is a no payment required mortgage where your existing equity in your home is used as savings to pay the interest accrued. Loan amounts are capped to 50% of the homes value to ensure you never owe more than property is worth. Qualifying is based on having enough equity, as well as enough income to pay property tax and home insurance which is a requirement. You do have the option to make interest payments but are not required. There are 2 ways funds can be provided. Up front lump sum or monthly income supplement depending on what your needs are. Stay in your own home longer and enjoy your senior years instead of worrying about paying bills.