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An Introduction To Reverse Mortgages

Sep 1, 2008
It's not surprising that there has been so much buzz recently about reverse mortgages. When something does this much good for so many people, it's bound to get a lot of people excited. Imagine a loan that lets homeowners age 62 and over take a portion of the equity out of their primary residence and use it for practically any purpose while making no mortgage payments. It sounds too good to be true, but it's real. This loan product has been growing by leaps and bounds year after year.

There is more to these loans than you may realize. Sure, it is a great way to supplement income, pay for medical expenses, pay real estate taxes, in-home health care, and other necessities of life. But it can be so many other things as well.

Here are some secrets about reverse mortgages that you may not know about.

For example, the proceeds can be used as a gift to pay for college for a child or grandchild. The proceeds can also be used as a way to help a child or grandchild with the down payment on their first home. With traditional lending getting more and more stringent, this is becoming more popular every day.

Do you know of someone (maybe even you) that would like to purchase a vacation home? Well, if they are 62 years of age or older, the reverse mortgage can be just the ticket. If the amount of cash available to purchase that property is not quite enough, maybe the proceeds from a reverse mortgage can make up the difference. There are no income or credit requirements and the proceeds from a reverse mortgage could be used to bridge the gap to make that dream a reality.

Did you know that a reverse mortgage could be used to buy a house? That's right! If you are 62 and over, a "reverse for purchase" could help you obtain the home of your dreams that meets your needs and your "wants". Is your current home becoming a burden? What about the maintenance? Is that too time consuming? Are you thinking of selling that home but not sure about your options? Why not consider purchasing a new residence with the help of a reverse mortgage and see if it's a good choice for you.

As you can see, there are a lot of good things happening with reverse mortgages. It's no wonder that it's the fastest growing segment of the mortgage market. For smart seniors it's an excellent way to preserve lifestyle without sacrificing assets. As with any financial decision, having good advice is essential. Talk with your mortgage broker or financial advisor and see if a reverse mortgage is right for you.
About the Author
Carlos Scarpero is a Dayton, Ohio based reverse mortgage originator and expert. Learn more about reverse mortgages by visiting www.CarlosScarpero.com
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