In many situations, people over the age of 62 who have difficulty in their personal finances yet still own their homes can often use the home and its equity as a way to pay off past debts or to help pay for medical expenses which unfortunately, at this time in life can potentially be rather significant. This particular method is known as a reverse mortgage. That’s why if you live in Virginia Beach, you are over the age of 62 and you own your home, you may be interested in this type of financial arrangement.
The question that is asked so often is What is a Reverse Mortgage? Simply put, a reverse mortgage allows you to borrow money either from the equity you have in your home or the value of your home, if you own the home outright. Why it is called a reverse mortgage is that in a traditional mortgage, you pay a mortgage company for ownership of your home. In this case, the process is reversed and a mortgage company pays you money based on the equity you have in your home. One key difference is the mortgage company doesn’t own your home at the end of the payments.
As stated earlier, reverse mortgages are only open to people have a significant amount of equity in their home or who owned their home outright. In addition, you must be at least 62 years of age or older in order to qualify for a reverse mortgage.
Many people who have had the question of What is a Reverse Mortgage answered will typically ask another question about whether a reverse mortgage is right for them or not. Everybody situation is different. One of the reasons there is no concrete answer is because of this fact. That’s why it’s advisable to speak with a reverse mortgage expert, explain your situation and they can inform you as to whether a reverse mortgage is right for you
Choosing a reverse mortgage is not something that you want to do without a great deal of consideration. For more information you can Visit website content that discusses reverse mortgages to help you better understand the process and to help you make an informed decision as to whether this financial agreement is right for you.
