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Seniors Reverse Mortgage, Inc.
Reverse Mortgages - Common Q. and A.
What is a Reverse Mortgage? A reverse mortgage enables homeowners 62 and older to borrow a portion of equity in their home, without having to sell or give up title. There are no monthly mortgage payments of any kind for the life of the loan. A reverse mortgage does not have to be repaid until the borrowers move out permanently and the repayment amount can never exceed the value of the home.
What are the borrowers' obligations with a reverse mortgage? The borrowers are required to maintain the properly and keep current on their homeowners insurance and property taxes. The home must also be the borrowers' primary residence.
What can I do with the reverse mortgage funds? There are virtually no restrictions on the funds you receive from a reverse mortgage. Borrowers have used funds to supplement their monthly income, pay for in-home care, pay off their current mortgage or other types of debt. You can now use a reverse mortgage to purchase a new home.
For a FREE information package, call Katie Bateman of Seniors Reverse Mortgage today.
Phone: (805) 423-3112
Website: http://www.kbateman.com/
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