A Reverse Mortgage Loan may provide the additional retirement financial income that helps you live the type of retirement 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 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, 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.