Reverse mortgages give seniors the opportunity earn money on their home equity. Seniors in retirement can convert their home equity easily into cash, to acquire enough money during their retirement to help better manage their funds. Reverse mortgage lenders can help seniors acquire their equity through a lump sum or through monthly payments. This money can then be used to pay bills, pay for food or other necessities, or whatever else they need. Qualifying seniors should be 63 years or older, with most or all of their existing mortgage paid. Payment for a reverse mortgage becomes deferred until death, the selling of a home or until the senior moves out. Property taxes and insurance will still need to be paid and interest will have to be paid at the end of the loan, but until that point, no payment is necessary for the loan.
The top three reverse mortgage lenders are American Advisors Group, Reverse Mortgage Solutions, and Liberty Home Equity Solutions. American Advisors Group specializes in reverse mortgages for seniors. They can help you negotiate a reverse mortgage loan that can help you keep your home. Unlike other reverse mortgage companies, American Advisors Group allows your family to pay off the loan at the time of your death, instead of seizing it, so that they can inherit the home after you are gone. Reverse Mortgage Solutions has has become leading mortgage lender since its formation in 2007. They have been helping seniors for years, get out of debt and achieve greater financial stability. Their company offers loan origination services and helpful consultation to see if a reverse mortgage is right for you.
Liberty Home Equity Solutions also offers reverse mortgages for seniors. Through their Home Equity Conversion Mortgages services, they will afford you a reverse mortgage with no monthly payments until your death. With their reverse mortgage loans, you finally be able to pay bills and stretch out your retirement funds for a more enjoyable retirement. All you need is to meet the basic qualification needs and have a good credit score. But no matter which lender you choose, each of the top 3 lenders are more than willing to help. If you are as a senior are considering a reverse mortgage but aren't sure whether it is right for you, answer these questions to help you decide.