Information On Reverse Mortgages and Income
You have spent much of your life paying off your mortgage or nearly doing so. Now that you have reached the age of 62, the minimum age for getting a reverse mortgage, it is time for you to enjoy your "golden years." In these troubled economic times, with 401k's and other investments shrinking, a reverse mortgage can be the answer. Why not buy that boat you always dreamed of owning?
While you have been paying off your mortgage, the money has been flowing out. This can be easily reversed with a sensible reverse mortgage. There are many different types of reverse mortgages. Some restrictions do apply. Your home must be a single or multi-family dwelling. Modular and manufactured homes are also eligible. The mortgage must be completed at the time of closing. This can be from funds from other sources, or you may use the reverse mortgage to complete paying off your mortgage.