A Vinson Reverse Mortgage can help you reimagine your years of retirement and live life to the fullest. For many, retirement is a transition from a life of working and saving – to a life of relaxation and freedom of choice. A Vinson Reverse Mortgage is available to homeowners who are 62 years or older. This loan is based on the equity in your home and allows the homeowner to convert equity into cash. Many seniors use a Reverse Mortgage to supplement their social security, meet unexpected medical expenses, make home improvements, and more.
The loan does not have to be repaid until you either sell your home or permanently leave your primary residence. A Vinson Reverse Mortgage is a federally insured, private loan that gives the homeowner greater financial security. You have worked for your home for so many years, now it’s time your home works for you with a Vinson Reverse Mortgage.
What Are The Benefits Of A Reverse Mortgage?
A reverse mortgage allows the homeowner to cash out their equity by receiving monthly payments, a one lump-sum payment, a line of credit that grows in value, or a combination of the three. This gives you the freedom to:
- Pay off credit card debt
- Provide larger inheritances for heirs
- Avoid home foreclosure
- Buy a second home
- Supplement Social Security
- Pay back taxes
- Make home repairs or improvements
- Purchase a new home more suited to your needs
Why Choose A Reverse Mortgage?
By converting your equity into cash, a reverse mortgage has these advantages:
- No longer make mortgage payments
- The money you receive will not be taxed
- Meet your daily and unexpected expenses
- Cover healthcare costs
- Increase your retirement funds
- Surviving co-borrower of a deceased borrower is able to stay in the home for the rest of their life if they choose
- Fees required for the loan can be financed so you don’t pay out of pocket
- Homeowner’s name stays on the title
Is A Reverse Mortgage Right For You?
To qualify for a Reverse Mortgage, the following people may be eligible:
- At least one borrower must be 62 or older
- Homeowners that own their home
- Homeowners that have significant equity in their home
- Property types include single-family homes, 2-4 unit properties, most manufactured homes, condominiums, and townhouses
A few things to consider:
- Taxes and insurance must still be paid on the home
- More advantageous to homeowners that intend to stay in their home for a longer period of time
- Maximum amount that can be borrowed depends on the age of the youngest person on the loan, the home value, interest rates, and costs associated with the loan
Learn More About Reverse Mortgages
For more information about Reverse Mortgages or to see if you qualify, contact one of our mortgage experts today. To learn more, we have provided these websites to further assist you: