06 Nov Reverse Mortgages Help Seniors Move Forward
Unlike traditional or “forward” mortgages where a borrower finances a home and pays back the lender on a monthly basis, a Reverse Mortgage
provides the borrower monthly payments from the lender based on the equity in their home. If you have an older relative or friend living on a
fixed income who is struggling financially or is facing increased expenses, a Reverse Mortgage may be the best solution.
Paramount Mortgage Company’s dedicated Reverse Mortgage Team is led by 15-year veteran Bob Lane. “Reverse Mortgages are a great tool
for homeowners 62 or older who want to convert the equity in their home to income tax-free cash,” according to Bob. “This is not the right option for everyone, but for those who can benefit from a Reverse Mortgage, it may really change the way they live.”
Live Off Of Your House While You Live In It!
- Supplemental Retirement Income
- Home Maintenance and Repair
- Cover Medical/Hospital Bills
- Pay for Home Health Care
- Modify Home for Accessibility/Special Needs
- Fund Travel or Make Large Purchases
- Pay Off any Existing Mortgage(s)
- Pay for Long-Term Care Insurance
There is no risk of leaving heirs with debt beyond the value of the home. Reverse Mortgages, by definition, are non-recourse loans. This means neither borrowers nor their heirs will ever owe more than the house is worth. A Reverse Mortgage can give seniors the option to stay in their home and remain financially independent by providing access to their largest nest egg – the equity in their home.