If you are over 55 and already own a home, a reverse mortgage may make sense for you. If you are looking to access some of the equity you have built up in your home for other uses, a reverse mortgage can help you do that. You would get rid of your monthly mortgage payments, instead the interest builds on only what you have left owing on your home. You are responsible for the home insurance and property tax, but otherwise you are home payment free!
The Mortgage Diversity Team can help explain this process to you, and if it makes sense for your budget and if you qualify. Take advantage of the hard work you have put into paying off your mortgage and free up some cash flow for other, exciting endeavors by looking into a reverse mortgage today!