What is a Reverse Mortgage Loan?
Over the years, your house has become not just a place you live in but a part of your life. It reminds you of the beautiful yesteryears of early adulthood; each corner filled with wonderful memories. And now that you’ve come to age, you’ve finally figured out that the best place to retire is in the comforts of your own HOME.
As a senior, your home is your blanket of security. A part of your home’s equity can be converted into funds you can readily use to supplement basic living expenses, cover for the rainy days and pay for your health care needs. That, and the fact that you’d never have to move out from your home.
This is possible through a Reverse Mortgage Loan.
You will not need to make monthly payments to a lender so long as you stay in your home. It is the lender who pays you. The time you will need to pay back is when the home is sold or gets vacated.
Learn more about reverse mortgage and how it can make your golden years more well-lived and flourishing.
A reverse mortgage loan can be used in different ways.
There are various uses of a reverse mortgage loan. Depending on your needs, this fund can help you in more ways than one. Here are four common uses.
Your immediate medical needs should always be a top priority. Cash from a reverse mortgage loan can help you stay on track health-wise.
Basic Living Expenses
Sometimes, money from your pension or social security falls short. Reverse mortgage loan funds can assist you with your monthly living expenses and get you through the rainy days.
Always dreamt of making your home even more beautiful than it already is? It is never too late. You can use a reverse mortgage loan for improvements you’ve been planning all these years.
Make new beautiful memories with your family in a new home. A reverse mortgage loan can help you fund your next home purchase.