Reverse Mortgages

Reverse Mortgages - Stepping Into A New Loan

So you have all that available equity - is there any way to access it without worrying about a repayment now? Are there programs that gradually buy back the value of your home over time? Sure are - and they're called reverse mortgages. But there is very little reverse about these mortgages, and in fact they help you look and work toward the future, rather than worrying about the demands of the present.

The possibilities of reverse mortgages

Put very simply, reverse mortgages are home equity loans you take out and use however you desire and you don't have to repay the loan until you actually sell your home. Some advantages:

• Its tax free income - the money you take out against your equity is tax free and you wont have to give any away to the government.
• Its limited by your home's value. The amount of your loans plus their accumulated interest will never come to more than the appraised resale value of your home at any given time.
• As your home appreciated in value over time you can take out more and more in reverse mortgages, actually benefiting form those increases in equity now rather than waiting till later.

Suddenly, things start looking very bring in your financial future. Where once people had to sell their homes in order to enjoy their later years they now can keep living in their home, keep owning the home itself and only worrying about the repayment of their second mortgages when they actually sell.

Who qualifies?

Most lenders will only offer reverse mortgages to applicants over 65 years of age, making this almost exclusively a retirement option. But if you own a home, no matter what your income or your credit you will qualify for reverse mortgages and that in itself cam be security enough to enjoy yourself and take things easy.

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