Do you think you may qualify for a Reverse Mortgage?
A reverse mortgage is an option for anyone age 62 and older that is looking to provide monthly cash flow, and reduce the stress, or stop paying a mortgage. Homeowners age 62 or older are eligible to apply for a reverse mortgage. It is important to note that you continue to retain sole ownership to your home. The funds available from a reverse mortgage are unaffected by subsequent changes in your home value, and the proceeds are not taxable. As with any mortgage, you must pay your property tax and insurance, maintain your home, and live in the home as your primary residence. An equally important condition of a reverse mortgage is you must maintain this home as your primary residence.
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