aDiamondMortgage – The Difference MortgageTM
Find out what a reverse mortgage can do for you.
A reverse mortgage is a loan secured against the value of the home. Unlike a loan or a regular mortgage, you are not required to make regular mortgage payments. The loan is repaid only when the homeowners no longer live in the home.
The simplest definition of a reverse mortgage is from Wikipedia is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments. Borrowers are still responsible for property taxes or homeowner’s insurance.
If you are a senior and have been in your home for some time, a reverse mortgage will allow you to take the equity in your property without making back any payment until you leave or sell the property.
Use it to:
- Pay off debts,
- Handle unexpected expenses,
- Help children or grandchildren,
- Improve day-to-day standard of living,
- Make a special trip or purchase