Benefits of a Reverse Mortgage

Reverse Mortgages are the best solution for retirees or those 62 and over that want to turn their home equity into cash! Find reverse mortgage solutions for you.

There are many questions to consider when researching reverse mortgages such as: are reverse mortgage loans safe? There are different lenders and options to consider when considering getting a reverse mortgage loan. Learn more about reverse mortgages here.

See How You Could Benefit From A Reverse Mortgage

According to research, a large amount of people aged 55 to 64 do not have retirement savings. There are many benefits of reverse mortgages, that include flexibility, low risk of default, you can stay in your home, no downside, tax free, and no restrictions. The banks and loan companies will supply you with a reverse mortgage guide explaining what you can expect from reverse mortgage solutions. Flexibility in reverse mortgage loans means you can use the money any way you want to. With this money, you can make repairs to your home or pay household bills. There are no limitations to how you're allowed to spend the money. How the money is doled out partly depends on your age and the value of your home. The older you are, the more money you get. For example, at 62 you can get $111,500 for a home worth $250,000. An 84-year-old can receive $153,000 for a home valued at $250,000. If a 62-year-old owns a home worth $350,000, he can receive $156,000. An 84-year-old can net $214,550. The payments from the reversed mortgage is also based on how long you already made mortgage payments. Your copy of reverse mortgage guide can explain how the allotment of money is mailed out.

Reverse Mortgage Lenders to Consider

It can be confusing when trying to determine the best lender to go through for a reverse mortgage. Make sure to pick one that gives you the best rate for your financial situation. The most popular nationwide reverse mortgage lenders are the following:

  • American Advisors Group (AAG) - AAG is the most prominent lender when reverse mortgage loans come to mind. They are toted as being the number one reverse mortgage lender in the WORLD with a 98% customer satisfaction rate! Learn more about how you could get a free reverse mortgage information kit from AAG here.

  • Mutual of Omaha Reverse Mortgages - Mutual of Omaha offers a variety of mortgage solutions with one product being reverse mortgages! Mutual of Omaha also offers jumbo reverse mortgages as well! Learn more about Mutual of Omaha reverse mortgages and any available information on them here.

  • Premier Reverse Mortgage - Premier Reverse Mortgage isn't as popular as the other 2 lenders mentioned, but is still considered a top rated reverse mortgage lender. They offer an informational guide, blog and more. See what they can offer you.

Low Risk Management Involved

Low-risk management of default is safer than a typical home equity loan for missing payments. Another one of many benefits of reverse mortgages is that you will never lose your home because there are no payments. The payments continue for as long as you live in your home. Senior home owners think another benefit of reverse mortgages is to get a reverse mortgage is that there is no downside to it. Don't expect to pay more than the value of your home. You won't be expected to pay back the loan at all if you remain in your home indefinitely.

Reverse Mortgage Information At Your Fingertips

Still confused with reverse mortgage loans and have questions? Luckily, a majority of the popular reverse mortgage lenders have extensive FAQ sections on their websites in providing more information for reverse mortgage seekers. The reverse mortgage frequently asked resources should answer the most common reverse mortgage questions. Find the best reverser mortgage lender that works for you and your financial situation.