of cash. You can receive the cash from the reverse mortgage in one lump sum payment, as a regular monthly cash payment, as a line of credit that you can withdraw upon whenever you need, or a combination of the three.
You are not required to pay back the loan until you sell your home, move out of it permanently, or die. You are eligible for a reverse mortgage if you are 62 years or older and you own your own home. You can take a reverse mortgage regardless of your income level.
A reverse mortgage allows you to take the equity from your home before the sale of your home. When the home is sold, the loan is paid off first. Of course, there is interest applied to the loan, but it is usually comparable to standard mortgage rates.
If you home increases in equity between the time you take out the reverse mortgage and the time of sale, you only pay back the amount you withdrew plus the interest on the loan. The rest of the equity is yours (or your heirs) to keep.
Investing in real estate was one of the smartest investments you could make, and now is the time to capitalize on that investment. You can use the equity from your home to make your life more comfortable, or even to make investments, all without paying a huge monthly payment.
Article Source: http://www.article-outlet.com/
