Reverse Mortgages...

Quick Facts:

• Reverse Mortgage lenders cannot take your home if you outlive the mortgage & cannot call it due at that time either
• You can never owe more than the home is worth
• You have a wide range of payment options to be paid through
• A homeowner who has put their home in a living trust can usually take out a reverse mortgage
• Primary Residence's are the only homes that a Reverse mortgage can be taken out on
• You may refinance a Reverse Mortgage
• You may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage

What Is A Reverse Mortgage?
A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free income without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower (s) permanently leaves the home.

You can use the money for anything you choose, from daily living expenses, home improvements, healthcare expenses, paying off existing debts, or simply enhancing your retirement years. For many people, the money provides a "financial security blanket," in case unexpected expenses arise.

Who Owns The Home & Maintains It?
The borrower retains title to the property. The reverse mortgage lender is merely extending a loan to the borrower. Because the homeowners retain title, they remain responsible for the payment of property taxes, insurance, utilities, home maintenance, and other expenses — just as they would with a standard first mortgage or home equity loan.

Call ALG Mortgage TOLL FREE: 888-755-2005

This brief information was gathered from Financial Freedom - a lender ALG Mortgage is approved with to do YOUR Reverse Mortgage!