What is a Reverse Mortgage?
A reverse mortgage is a loan available to seniors over the age of 62 which allows them to convert equity in their home into cash. These loans were created to give seniors access to cash for expenses such as home improvements, unexpected medical costs, and in-home care by utilizing the accumulated equity in their homes.
This type of loan is called a reverse mortgage because instead of the borrower making monthly payments to their lender as they would with a traditional mortgage, the lender makes payments to the borrower. Unlike a traditional home equity loan or second mortgage, a reverse mortgage does not have to be repaid until the borrower no longer occupies the home as their primary residence.
The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM) which is insured by the FHA. An alternative option is the Proprietary Reverse Mortgage which is not backed by the federal government
Take Advantage of Your Home Equity
For many seniors, the equity they have built in their homes is a primary facet of their wealth. An HECM provides borrowers access to a credit line or cash flow using the equity in their homes as collateral.
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Learn more about Reverse Mortages in Miami with Dynamic Mortgage LLC
If you are ready to boost your available finances during retirement without leaving your home, you can apply for a reverse mortgage today with Dynamic Mortgage, LLC.
We can help you figure out whether a reverse mortgage is the best fit for your situation. If we determine that you are eligible, we will walk you through the application. You are just a phone call away from a higher standard of living and greater comfort during retirement.
Call (305) 735-3278 to get started now.