Extra Income for Homeowners
Maintaining a home on a fixed income can be a major challenge. A reverse mortgage can provide extra income for homeowners who are over the age of 62 and struggling to keep their home because they lack the cash they need for increased or unforeseen expenses.
With a reverse mortgage, the payments are “reversed.” Instead of paying a lender each month, homeowners receive payments they can use for unexpected medical expenses, make home improvements, or help pay bills.
Homeowners can convert part of their equity in their home into funds they can use
No monthly principal or interest payment required
The money the homeowners receive is not taxed
Homeowners choose how they receive their money
Keeps homeowners in their homes
Plus, homeowners can take advantage of this opportunity without selling their home, giving up their title, or taking on new monthly payments. Download this quick guide to learn more about myths and facts of Reverse Mortgages.
Contact a Waterstone Mortgage loan professional today to learn more.
With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could reesult in an increase in the monthly payment.