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Did you know that you can actually buy a home with a reverse mortgage? I recently had a client who couldn't qualify for a regular mortgage for a home, so once we did our research we found that she could purchase the home with a reverse mortgage, and she'll never have to make a mortgage payment as long as she lives there. Today I'm going to clear up some myths about the reverse mortgage, because nobody seems to quite understand them.
- You can't qualify for a reverse mortgage because of your credit and income: this is not true.
- You can't get a reverse mortgage if you have a forward mortgage: this is also untrue.
- If I outlive my life expectancy, the lender will evict me: another false idea.
- You don't have an objective adviser with whom to speak: You must meet with an independent adviser in Massachusetts whenever you try to go through with a reverse mortgage.
So, what are the benefits of a reverse mortgage?
- Seniors can continue to live in their home without a monthly mortgage payment. There are no income or credit score qualifications, even though this is about to change in Massachusetts in April 2015.
- You can pay for healthcare costs with a reverse mortgage.
- You can free up cash for additional income, in order to enjoy your retirement.
- There is also no pre-payment penalty if you decide to sell the property.
So, if you have any questions about the Merrimack Valley real estate market, please don't hesitate to contact us.
If you'd like more information on reverse mortgages, then you might find this site to be helpful.
As always, please consider me your #1 resource for real estate!
