A reverse mortgage is a loan for homeowners 62 and older that converts real estate equity into spendable cash. It allows qualified borrowers to convert part of the equity in their home into cash. A reverse mortgage may be a great choice for senior homeowners who want to remain in their homes but also need to reduce their monthly mortgage payments or need more cash for retirement.
As opposed to making regular mortgage payments, you will be receiving payments by cashing out some of the equity in your home. Homeowners with a reverse mortgage may not have to worry about paying a monthly mortgage payment. If you’re holding off on your retirement plans due to high mortgage payments, a reverse mortgage may be just what you need. The borrower, however, is still responsible for paying property taxes and insurance.
Reverse mortgages may provide a financial cushion so that you can focus on a happy retirement. Reverse mortgages help you turn your home equity into cash that you can use for whatever you need. You can consider it an extra income source, so you don’t have to keep depleting your savings.
Regular doctor check-ups, long-term healthcare, and emergency medical services are all unavoidable costs as you get older. Unfortunately, these costs can quickly add up, potentially overwhelming you and your bank accounts. With the money you get from a reverse mortgage, you may be able to pay off your medical debts, future medical bills, and any other debts.
If approved for a reverse mortgage and you start turning your home equity into cash, you might want to put that money right back into the house you’re living in. With the money from a reverse mortgage, you can consider making essential updates and renovations to your house you’ve been putting off and maybe even some other upgrades to help you feel more at home than ever during your retirement.
Reverse mortgages aren’t just for paying bills. Do you have a dream vacation you’ve always wanted to go on? Do you want to dine out more? Is your retirement the perfect time to try a new, exciting hobby? Whatever you want to do to make your retirement an enjoyable one, the extra cash from your reverse mortgage may be able to make it happen.
If you’re looking to get a reverse mortgage on Long Island, consider turning to a Zoom Reverse Mortgage by Hartford Funding LTD. We patiently work with you to give you all the information you need to decide if a reverse mortgage is right for you and then guide you carefully through every step of the process.
To learn more about our services and schedule an appointment with our mortgage loan officers, call us at (516) 595-7646 or visit our website.