Great financial solution for homeowners age over 55 who is looking to secure some monthly cashflow from existing home equity.
Mortgage Specialist Heidi Hamano offers one stop service for a wide rage of mortgages.
What is the reverses mortgage. Homeowners who are at least 55 years of age may be able to access as much as 55 per cent of their home equity to be taken out as cash, tax-free. A reverse mortgage is a type of loan that’s secured against a home’s value. The money obtained through a reverse mortgage can be used for any number of expenses while maintaining ownership of the home, with no monthly mortgage payments needed. The loan must be repaid, however, if you move or sell. You must maintain their property and continue to pay taxes and insurance. This may be a great option for someone who loves to stay their current home while taking advantage of increased equity.