Are you a senior homeowner who needs a loan but in this current economic climate are finding it increasingly difficult to find a bank that will provide you an unsecured loan? Consumers should be advised that there are alternatives available to you. The Reverse Mortgage Company in Ocala, Florida offers consumers who are over the age of 62 the opportunity to take advantage of reverse mortgages and get much needed cash.
What Is A Reverse Mortgage?
A reverse mortgage is a loan for homeowners who are 62 years and older that utilizes a portion of the equity in your home as collateral; these type of loans have grown in popularity over the last ten years and with new Federal Housing Administration (FHA) regulations, you do not have to repay the loan for as long as you live in the home and you retain ownership of the property.
Your heirs (the estate) can then decide, if they want to refinance the loan in something akin to a traditional mortgage or sell the home to pay off the balance, but only after the homeowner(s) have passed away. There are a few FHA requirements in order to be eligible for a reverse mortgage; you must be at least 62 years old and owe little to nothing on the home; all existing liens must be satisfied.
Typically there is no credit check or income requirements for a reverse mortgage. You can use the proceeds from a reverse mortgage for whatever reason you desire; it is up to you! Another advantage of a reverse mortgage is that you do not have to worry about paying back the loan as long as you live in your home. The disbursements are tax-free as well. So, for more information contact Reverse Mortgage Company in Ocala for more details; we are a reverse mortgage lender, that specializes in government insured loans.