Florida senior homeowners over the age of 62
Reverse mortgages have become an increasingly popular option for seniors who are looking to tap into the equity of their homes in order to supplement their retirement income. But what exactly is a reverse mortgage, and how does it work? In this blog post, we'll take a closer look at reverse mortgages and explore some of the pros and cons of this financial product.
First and foremost, it's important to understand that a reverse mortgage is a type of loan that is available to homeowners who are at least 62 years of age. The loan is secured by the equity in the borrower's home, and it allows the borrower to receive a lump sum payment, monthly payments, or a line of credit. The loan does not need to be repaid until the borrower passes away, sells the home, or no longer occupies it as a primary residence.
One of the primary benefits of a reverse mortgage is that it can provide seniors with a source of tax-free income that can help them to meet their financial needs in retirement. This can be especially valuable for those who may not have significant retirement savings or who are facing unexpected expenses such as medical bills or home repairs. Additionally, because the loan is secured by the equity in the home, borrowers can typically qualify for larger loan amounts than they would be able to through other types of loans.
We have joined with Mutual of Omaha to offer this great product for seniors in need of a supplemental retirement income, or lump sum cash.
To learn more about this program, contact us.
Lawhorn & Associates Mortgage Co.
100 Jefferson St., South, Suite 100B
Huntsville, Al 35801
(256) 539-0555 (office)