With a reverse mortgage you won’t have to pay another monthly mortgage payment. The way a reverse mortgage works is the lender pays you by converting your equity into cash! By converting your equity into cash you will have more opportunities to live an active-adult lifestyle!
- A reverse mortgage is a great option for anyone who is retired and plans on living in their BRIO home for longer than 3 years. To qualify for a reverse mortgage you need to be at least 62 years young.
- The amount of funds you receive will be dependent on the age of the youngest borrower, the amount the home was purchased and the current interest rates.
- You don’t have to worry about paying off the loan until you sell your house. In which case, the money you make from selling your home can be used to pay off the loan.
- There is no term on the loan. Which means it is an open-ended loan until the youngest borrow has passed away.
- You will never be required to leave or sell your home as long as one borrower is living in the home and your property taxes and homeowners insurance are current.
- Before you commit to a reverse mortgage you will go through a reverse mortgage loan counseling session, to learn if it is the best fit for you and your situation.
Call 435-429-0505 to see if you qualify for a reverse mortgage!
Start your journey to an active-adult lifestyle!