REVERSE MORTGAGE PURCHASE
Reverse Mortgage Purchase
A reverse mortgage purchase is a special type of mortgage that allows homeowners to access the equity in their homes. Unlike traditional mortgages, a reverse mortgage purchase is repaid when the borrower dies or sells their home. Reverse mortgages can provide a semi-annual income stream and can be set up in line with the borrower's lifestyle and needs. In addition, reverse mortgages can help you create that much-needed financial security when you're retired or nearing retirement.
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The Benefits of a Reverse Mortgage Purchase
There are many benefits, including being able to stay in your home forever, never having to worry about increasing property taxes or making costly repairs - all while increasing your retirement income. One of the best features of reverse mortgage purchase is that it can help you if you're already retired and have no other significant sources of income - even if you have considerable concerns about being able to meet your monthly expenses. The lender's main objective with this type of mortgage is to make money from interest and principal payments during the repayment period.
The Requirements of a Reverse Mortgage Purchase
A reverse mortgage purchase allows homeowners over the age of 62 to be able to convert a portion of their home equity into monthly payments or cash. Reverse mortgage purchases can be extremely appealing to individuals who may need or want to supplement retirement funds. The reverse mortgage loan balance is not due until the borrower moves out of the home, fails to pay taxes or insurance, neglects to maintain the home, or passes away. If the borrower passes, a spouse, next of kin, executor or estate may be responsible to repay the remaining balance of the loan.