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Free:
800-400-4863
Main
Telephone:
949-797-9188
Reverse
Mortgage
A reverse
mortgage is a
unique type of
loan used by
older
Americans to
convert the
equity in
their homes
into cash. The
money from a
reverse
mortgage can
provide
seniors with
the financial
security they
need to fully
enjoy their
retirement
years. The
reverse
mortgage has
earned its
name because
the payment
stream is
"reversed."
Instead of
making monthly
payments to a
lender, as
with a regular
first mortgage
or home equity
loan, a lender
makes payments
to you. The
money from a
reverse
mortgage can
be used for
anything from
daily living
expenses to
home repairs
and home
modifications.
Reverse
Mortgage
Qualifications
To qualify
for a reverse
mortgage you
must be at
least 62 and
own your own
home. There
are no income
or medical
requirements
to qualify.
You may be
eligible for a
reverse
mortgage even
if you still
owe money on a
first or
second
mortgage. In
fact, many
seniors get a
reverse
mortgage to
pay off a
first
mortgage.