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Topic: Introducing Reverse Mortgages
Until recently, there were two main ways to get cash from your home: you could sell your home, but then you would have to move; or you could borrow against your home, but then you would have to make monthly loan payments.
Now there is a third way of getting money from your home that does not require you to leave it or to make regular loan payments.
"Reverse" Mortgages
A "reverse" mortgage is a loan against your home that you do not have to pay back for a long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay a loan each month.
The cash you get from a reverse mortgage can be paid to you in several ways:
* all at once, in a single lump sum of cash;
* as a regular monthly cash advance;
* as a "creditline" acct. that lets you decide when & how much of your available cash is paid to you; or
* as a combination of these payment methods.
No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.
Call Mendocino Mortgage to see if a "reverse" mortgage could benefit you.
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