Reverse Mortgage Loan
A reverse mortgage is a loan that only has two requirements:
- You have to be at least 62 years old
- You have to have real estate with enough equity to go the distance
A reverse mortgage is one that can be set up to land the borrower a lump sum of cash that is a recoupable lien against residential real estate, or it can be set up to create a monthly payment TO the borrower. So in both cases this mortgage PAYS the borrower, not the other way around.
Reverse mortgages require no monthly payments EVER no matter what.
The younger the borrower is, the less equity they will have access to.
The only possible downside to the reverse mortgage is that any home equity that would have been passed to the next generation is now cash that has already been spent.
Otherwise the reverse mortgage can be a fantastic tool for the home owning retirement class.
There is much more detailed information about Reverse Mortgages in the blog section of this site.
Please contact me to find out if getting a reverse mortgage in Oregon makes sense for you.
