A Reverse Mortgage is an FHA loan that can allow a borrower to either refinance or purchase a home with no payment at all. You can also use a Reverse mortgage to pull equity out of your home and recieve monthly payments or a lump some.
You maintain ownership of your property for as long as you live there.
Reverse mortgages help ease monthly obligation’s and improve quality of life for retiree’s.
There are no income or credit requirements. You borrower money on your home based on federal guidelines for age and equity respectively. If you need extra cash to maintain a lifestyle late in life this is the perfect option for you. You may apply for a reverse mortgage even if the home wasn’t purchased with a FHA-insured mortgage. To be eligible, the home must be a 2-4 unit home
with one unit occupied by the borrower. When the home is no longer used as the primary residence or is sold, the finances will be repaid, and the rest of the equity will be returned to the heirs. You will receive monthly payments for an agreed upon price to help the ease of retirement and to make sure that you have the ability to live out your retirement with peace and happiness.
Looking to live in Macomb Township, Clinton Township, Chesterfield Township, Harrison Township, St. Clair Shores or the greater Metro Detroit area? Give us a call today, You’ll be happy you did!