St. Louis, Missouri and Tri-State Area senior residents have questions about reverse mortgagesA lot of people talk about reverse mortgages, but it is sometimes difficult to understand whether a reverse mortgage is right for you. In short, a reverse mortgage is a financial product where the bank loans you money using your home as equity. Depending on the terms of your reverse mortgage, you can receive the loan in one or multiple payments. Because reverse mortgages are limited to seniors with significant equity in their homes, the loan is considered a lower risk for lenders.
qualifications for a reverse
mortgage are very specific.
You must (1) be at least 62
years old, (2) live in your home
as a primary residence, and (3)
have paid off some or all of any
mortgages on your home. There
are other considerations as
well, but the key components are
your age and your ability to
afford the loan based upon your
equity in your home.
Do I qualify for a reverse
Should I apply for a reverse mortgage? Every individual's personal and financial circumstances are unique. Just because you might qualify for a reverse mortgage, does mean that you should get a reverse mortgage. Reverse mortgages are available for a variety of purposes such as obtaining cash, refinancing, the purchase of another property, or even particular purposes like home repairs. Some programs vary by state and not all are federally insured. Therefore, it is important to understand what you hope to accomplish with a reverse mortgage and which program is right for you. The senior services specialists at Senior Health Solutions, LLC can help you get in touch with those who understand reverse mortgages so that you receive advice specifically tailored to you.
Contact Senior Health Solutions, LLC todayIf you are a senior who is interested in securing your future with a reverse mortgage, then Senior Health Solutions, LLC can help and get you connected with information regarding reverse mortgages, along with other services Senior Health Solutions, LLC offers. Contact us by phone at (314) 266-1199 or online.
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