What is a Reverse Mortgage?
A reverse mortgage allows homeowners, 62 years of age or older, an opportunity to convert the equity of their home into cash. This mortgage product was created to help retirees that have limited income a way to use the equity they have built up in their home as a means to cover basic monthly living expenses and health care.
There are no restrictions though with how the proceeds from a reverse mortgage may be used. If you’re looking for a Reverse Mortgage in Wheaton, Illinois or the surrounding areas, First American Mortgage is your one stop shop for all your mortgage needs.
The homeowner is not required to make payments or pay back any of the mortgage until the house is either sold or vacated. As long as the borrower lives in the home, they are not required to make a monthly payment towards the loan balance assuming they stay current on their property taxes, homeowners insurance premiums and homeowners association dues.
Contact Dan Palumbo at First American Mortgage for more details or to apply today. Dan@DanPalumbo.net or (630) 842-3733.
