Mike Hamilton, Your guide to to better living in Midcoast Maine.

 

A Reverse Mortgage is a special type of mortgage for individuals aged 62 or older. It enables the conversion of home equity into cash.

 

It is secured by the owner's home which must be owned "free and clear".

 

A reverse mortgage functions as if the homeowner sold the home early continued to live there, and was paid for the home while occupying it.

 

It is called a reverse mortgage because for years the homeowner put money into the home and is now taking money back out while retaining title and continuing to live in the home.

 

Eighty+ percent of seniors own their own home. It is the largest single asset class owned by seniors and often represents most of their net worth.

 

A reverse mortgage can make it possible for senior homeowners to finish out their lives in the comfort security, and privacy of their own homes.

 

Some common uses of reverse mortgages are:

 

Buying an annuity for lifetime income.

Paying for in-home care and prescriptions.

Supplementing monthly income.

Renovating for aging in place.

Fulfilling other needs and dreams.

 

Reverse mortgages are not for everyone. Careful consideration should be given to all aspects and costs of the decision. Reputable lenders will require a Housing and Urban Development (HUD) counseling session prior to finalizing the loan.

 

Please don't hesitate to call or email me for more information or details. If I can't help, I will put you in touch with someone who can.

 

direct 207-319-7834 or mikehamilton@remax.net