
- 25 Melville Park Road Suite 200 Melville, NY 11747
- 877-781-7788
- 516-753-6160
- NMLS #1403
Many Americans bank on being able to sell their homes in retirement to help pay for their living expenses. However, many seniors get to that stage and realize they do not want to leave their homes. Or there can be unexpected costs that crop up in retirement. One way for homeowners over age 62 to harness their equity for any type of expense is with a reverse mortgage. However, it is not a traditional home loan. Here are the four most important things borrowers need to know before signing up for a reverse mortgage:
There are many situations in which a reverse mortgage could be a good fit for a senior homeowner. However, there may be other options like refinancing with a cash-out mortgage, selling the home to one’s children, or selling to downsize and keep the extra equity. Whatever the choice, borrowers should make sure they understand all the terms of a reverse mortgage or refinance before making a decision.
Let us know if you or anyone you know is interested in finding out more about a Reverse Mortgage.
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