What are Reverse Mortgages?
Reverse mortgages are
a special type of home loan that lets a homeowner convert the equity in his/her
home into cash. They can give older Americans greater financial security to supplement
social security, meet unexpected medical expenses, make home improvements, and
more.
If you are interested in a reverse mortgage, beware of scam artists
that charge thousands of dollars for information
that is free from HUD!
At Battles Real Estate Company we
understand “reverse” mortgages, which are designed for the over-62 consumer.
Reverse mortgages have advantages and disadvantages and should be evaluated
on a case-by-case basis.
We will explore all
alternatives before recommending reverse mortgages to seniors. With the
client’s approval, we may even find creative better alternatives when
discussing their situation with family members.