A Reverse Mortgage Loan from Liberty Bank may provide the additional retirement financial income that helps you live the type of lifestyle you desire. You can pay off medical bills, make needed improvements to homes, or just provide some extra cash. It is important to weigh the risks and benefits before making any decision that will impact your finances. We have provided some potential pros and cons of a getting a Reverse Mortgage Loan.
Many homeowners ages 62 and older with enough equity in their homes may be eligible for a Reverse Mortgage Loan or also known as a Home Equity Conversion Mortgage (HECM). According to HUD, many people choose a reverse mortgage loan because of the benefits that fit with their lifestyle needs.
Funds can be distributed in one lump sum payment or as monthly payments and homeowners remain in the comfort of their own home without making monthly mortgage payments.