Boca Mortgage Blog

What Are Reverse Mortgages?

November 17th, 2014 12:50 PM by Leonard Silvestri

What are Reverse Mortgages?

There are times in life when the money which is accessible to senior citizens may not be enough to maintain their quality of life throughout their retirement. Reverse mortgages are one of the most common solutions for this circumstance. Reverse mortgages are favored by senior citizens with enough equity in their homes to supplement their income. Many seniors in the state of Florida have been able to benefit from this helpful program geared towards improving the lives of financially challenged senior citizens.

Reverse Mortgages allow seniors to pull on the equity of their home to supplement their income and receive monthly payouts. With reverse mortgages becoming increasingly more popular there is a lot of fact and fiction being shared about this program. Here are a few valuable facts to remember when applying for a reverse mortgage.

  • The property being considered must be your primary residence
  • You must complete all required classes specified by the reverse mortgage program
  • Applicants/borrowers must be 62 years or older
  • Your mortgage must be paid off or have a small remaining balance
  • If you'd like to learn more about this program contact our reverse mortgage experts at 561-395-4264. Our experienced mortgage professionals will conduct a thorough consultation with you explain the reverse mortgage programs and analyzing which program is best for you.

    Posted in:General and tagged: reverse mortgage
    Posted by Leonard Silvestri on November 17th, 2014 12:50 PM

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