Let’s think of it as a loan, a Reverse Mortgage is a loan you never have to pay back as long as you live in your home.
This is a government approved FHA loan that allows you to take the equity out of your home without paying any income taxes, and, allows you to live in the home as long as you want.
We will show you how to qualify for the loan. Both the advantages of, and the pitfalls or disadvantages. And most important, rates and the costs associated with the loan.
If you are a senior you may qualify for a Reverse Mortgage the requirements are different so check it out.
It is very important that you get several quotes. Although the rates are established by FHA the margin is not. So be careful before you accept any offer. Remember if it sounds too good to be true it probably isn’t.
Let’s just go slow. Remember, one step at a time.
Let’s see how it works.
1. How do I qualify?
2. Advantages of this type loan.
3. Pitfalls of a Reverse Mortgages
4. Let’s discuss interest rate and costs
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