3 Reasons to Get a Reverse Mortgage Loan

If you are looking for some extra cash, are 62 years or older and your home is or near being paid off there is no better time to look into getting a reverse mortgage loan . Why? Well first with the current economy home values are dropping like flies. If you are going to take out equity now is the time before the value drops anymore.

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A reverse mortgage loan is a great tool for getting out additional money from your home, but it must be right for you. Like any loan you need to be aware of how it works and what it can and cannot do for you. This article will discuss three reasons why you should get a reverse mortgage loan if you are over 62 and require additional money to live.

1) Qualifying . Unlike a traditional loan where you have to prove income, assets and employment among other things. A reverse mortgage only requires you to be 62 years or older, have substantial equity in your home and never been in default on a government loan. There is no income, assets or employment that needs to be verified. It really is one of the simplest qualifying loans out on the market today.

2) Ownership protection . There have always been rumors with a reverse mortgage loan that the bank can or will take your home. This could not be further away from the truth. A reverse loan is just like the original financing you did on your home where you are on the Title. Being on Title means you have ownership of the home. The bank will never own your home in a reverse loan. You own your home until it is sold because you moved or in the event of all borrowers passing away.

3) Monthly payments . In a traditional loan such as a 30 year fixed or home equity line of credit you are required to make a payment every month. In a reverse loan you don't make any payments. Its called a reverse loan because the bank makes payments to you. These payments are decided upon by you. You can take money out monthly, in a lump sum or at anytime.