If you are 62 years of age or older, I believe that you are doing yourself a disservice if you don't investigate the merits of a reverse mortgage. If you own your home and have equity, the following are some benefits:
- Eliminate your mortgage payment so you can remain in your house or live with less financial stress in your life
- Cash out equity and use the money however you wish. Some ideas are to invest the money in the stock market or buy an annuity, buy a vacation home, purchase an RV to travel the country, gift money to your heirs, pay for major expenses or pay off debt
- Use the equity in your home to eliminate your mortgage payment and receive monthly income
It's easy to qualify as well! You don't need to provide any income documentation to the bank, you don't need to have a job, and there's no minimum credit score required to qualify for a reverse mortgage. You just need to be at least 62 years old and the property that you take out the reverse mortgage on needs to be your primary residence.
The most popular reverse mortgages are either FHA or Fannie Mae backed.
Check it out. I don't think you'll be disappointed.
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