What is a Reverse Mortgage?
Reverse mortgage loans offer a unique opportunity for eligible homeowners to tap into the equity in their homes without the need to make monthly payments. With a reverse mortgage, individuals aged 62 or older can leverage the equity in their homes to pay off or refinance their current mortgage, or purchase a new home. The amount that can be borrowed is based on several factors, including the value of the home, the borrower’s age, and the interest rate at the time of borrowing. Unlike traditional loans, repayment of the loan is only required when the borrower no longer occupies the property as their primary residence or if they pass away. Eligible non-borrowing spouses can even continue living in the home and accessing benefits as long as they meet their specific loan’s obligations, such as property maintenance, taxes or related expenses.
If you’re interested in learning more about how a reverse mortgage could benefit you, PRMG’s Home Mortgage Professionals can provide you with the information and resources you need to make an informed decision about your financial future. We pride ourselves on our commitment to customer service and will work tirelessly to ensure that you receive the best possible experience.