You worked hard to pay for your home and now you should enjoy the benefits of ownership. The Reverse Mortgage Richmond seniors need is a way to turn the equity in your home into cash. You get the benefit of immediate cash without making a monthly mortgage payment. You also retain ownership of your home. With a reverse mortgage, you are only charged interest on the funds you receive. This extra money can be used for anything you need. From paying monthly expenses to taking that vacation you always wanted, a reverse mortgage can make it possible. Many people are taking advantage of reverse mortgages to improve the quality of their lives.
To qualify for the Reverse Mortgages Richmond lenders offer you must own your home and be over 62 years of age. The home must also be your primary residence to get an FHA reverse mortgage. This means you need to live in the house for at least 6 months during the year. A second home or investment property will not qualify for this type of loan. Eligible properties for a reverse mortgage include 1 to 4 unit homes, a manufactured house that was built after 1976 and condominiums. Any eligible property must meet the requirements established by the FHA. Condos have to be approved by HUD to qualify for a reverse mortgage. A knowledgeable lender in the Richmond area can help you determine if you qualify for a reverse mortgage. The amount of money you can get is based on an appraisal of your house, your age and the interest rate being charged.
The proceeds from the Reverse Mortgage Richmond seniors get can be paid out several different ways. You might decide to receive the money in a single lump sum upon approval of the loan. You can choose to get fixed monthly payment for a certain term or as long as you decide to live in the house. You can also have a line of credit you can draw upon as needed. Some seniors select a combination of all of these options. Contrary to popular belief, reverse mortgages are not just for desperate seniors who need money. Many savvy seniors are using this financial tool to improve the overall quality of their golden years.
