If you watch any channel on television, you've probably seen commercials for a Reverse Mortgage. Intrigued? No doubt you have questions. The Poli Mortgage Group Reverse Mortgage Team, headed by Robert Norton, can explain your options for a reverse mortgage.
During recent years, the financial climate has made retirement more difficult to weather than ever before. With the cost of living ever on the rise, retirees may find their savings insufficient to last comfortably through their Golden Years. A Reverse Mortgage can help alleviate financial concerns by helping to eliminate mortgage payments that are hard to maintain, update homes for comfortable living, and even pay down debt.
Whether you are looking for a lump sum of cash to allow you to do the things you want to do, a line of credit to use as a safety net, or a new income stream, a Reverse Mortgage could be just the solution for you. To qualify for a Reverse Mortgage, you (and any co-owners) must be 62 years of age or older, and your home must be your primary residence. Many home types (single or multiple family dwellings, certain condominiums and townhomes, and manufactured homes) may qualify. The amount of money you qualify for depends on the value of your home as well as borrower age and interest rates – which are currently at a historic low. Calculations are done using these three factors that will determine the loan amount that a person may receive.
To be sure you have your facts straight, you'll want to work with a qualified, established professional to understand your options and ensure that a Reverse Mortgage is the right decision for you. The Reverse Mortgage Team at Poli Mortgage understands your need for financial security in your Golden Years and can guide you along the path to securing a the financial comfort you deserve.