Reverse Mortgages - A Reverse Mortgage is a unique loan that allows homeowners age 62 years and older to convert part of the equity in their home into monthly income or cash without having to sell the home, give up title, or take on additional monthly mortgage payments. A variety of payment options are available for reverse mortgages. These payment options include a monthly annuity, single lump sum payment, a line of credit, or a combination of these options. Unlike other mortgages, you do not make monthly payments - they come TO you! Find out how much of a Reverse Mortgage you can qualify for by clicking here. If you would like to know more, please contact our Reverse Mortgage Loan Specialist Tony Miller at (703) 425-1204 ext 136 or (800) 231-8855, ext 136.
|Best Choice If:You are 62 years old or older, own your home and live in it as your primary residence, and have a substantial amount of equity.||Advantages:No monthly payment, no income/asset/credit qualifications.||Disadvantages:Closing costs can be somewhat higher than a traditional mortgage.|