Reverse Mortgage
What is a reverse mortgage? It can be a little complicated, but essentially it is a loan available to seniors age 62 and over who either own, or have substantial equity in their primary residences. The Reverse Mortgage allows you to pull out existing equity in your home as a long-term loan. There are no monthly payments due on this loan until you either:
- move out of the home
- sell the home
- surviving loan holder passes away
You can take the reverse mortgage proceeds in a lump sum. via monthly payments, or as a line-of-credit.
What could you do with the equity in your house?
- Buy a second home in Nashville (call me!)
- Buy a home for your children or grandchildren (call me!)
- pay off existing debt
- finance long-term care
- travel
- renovate your existing home
- the possibilities are endless
