Reverse Mortgage
A reverse mortgage is a unique type of loan used by older Americans to convert the equity in their homes into cash. The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years. The reverse mortgage has earned its name because the payment stream is "reversed." Instead of making monthly payments to a lender, as with a regular first mortgage or home equity loan, a lender makes payments to you. The money from a reverse mortgage can be used for anything from daily living expenses to home repairs and home modifications.
Reverse Mortgage Qualifications
To qualify for a reverse mortgage you must be at least 62 and own your own home. There are no income or medical requirements to qualify. You may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage. In fact, many seniors get a reverse mortgage to pay off a first mortgage.
What People are Saying
I was a new mother who had just recently returned to work from maternity leave when we decided to refinance our home. I was still struggling with trying to balance work and home, so the idea of one more thing on my "to do" list had me uptight. Thank heavens for Eagle River Mortgage! Nearly all of the preliminary paper work was done over the phone or fax lines. The entire deal was completed in two weeks from start to funding, and we’ve been able to lower our monthly payments by $500. Thanks a million to Blane & the gang at Eagle River Mortgage!
Meridian Idaho