Posted on: 16th Feb, 2011 02:48 pm
my husband and I are interested in Reverse mortgage program for age 60 We will both be 60 in June of this year and would like more information on how to proceed and the lenders in our area Rockford, Illinois.At this time we think this will be a good option for us to pay bills and use equity to do home improvements. Thank-you If we could get a phone number to talk to somebody we would appreciate it.
Arthur & Donna Carter
Arthur & Donna Carter
First you will have to wait - the minimum age requirement is 62 -
Reverse mortgages offer a few different options - I will simplify
1) Monthly Payments until death
2) Line of credit to be used when you want until the money runs out
3) a lump sum
It really depends on how much equity you have - You will need at least 50% in most cases - The younger you are the more equity - less cash they will give you - it is all based on a calculation of equity/age
B
Reverse mortgages offer a few different options - I will simplify
1) Monthly Payments until death
2) Line of credit to be used when you want until the money runs out
3) a lump sum
It really depends on how much equity you have - You will need at least 50% in most cases - The younger you are the more equity - less cash they will give you - it is all based on a calculation of equity/age
B