What is a Reverse mortgage?
It’s a loan to elderly homeowners who need to borrow against the equity of a home while still living in it. The debt does not need to be repaid until the house goes to someone else.
Who should get a Reverse mortgage?
It’s designed for homeowners age 62 and above and allows them to receive cash advances from the equity in the home without the need for repayment as long as they stay living in the house for the duration of the mortgage.
What are the pros and cons of Reverse mortgages?
- You can choose how to receive the money (fixed monthly, lump sum, etc.)
- Loan advances are generally not taxable
- Most reverse mortgages don’t have income requirements
- It could impact Medicaid eligibility
- Lenders typically charge origination fees
- Debt increases over time as interest is charged to outstanding balance of loan
Why Trust Providential?
We’ll save you more money and will offer you low interest rates compared to the competition. If you apply for a Reverse mortgage online, you can save cash on your home loan and closing fees.
Providential has helped tens of thousands of borrowers find the perfect home loan option for them. Apply online today!
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