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If you are 55 or older that is the only requirement to qualify for a reverse mortgage.
Its sad but many people own homes in their older years and are equity rich and cash poor. Basically you have to scrimp and scratch just to get by each month in your later years. You could the owner of million dollar home with a ton of equity but you are scrimping and scratching by each month…. does that make any sense??!!
So stop living like that now! Why not have an extra few thousand dollars coming in each month from a reverse mortgage. You make no payments — your house pays you each month. Or instead of a monthly payment to you can arrange a one time lump sum payment to you… maybe you need 50k, 100k, or 300k.
You make no payments as the amount you borrowed gets paid back with the interest to the The Home Equity Bank when you sell your home…its that easy!
When you sell your home – that is when the Reverse Mortgage is paid back
Seniors today are living longer, saving less, spending more and carrying more debt than ever before. The CHIP Reverse Mortgage Plan can meet the needs for cash flow by providing you with a long-term alternative with borrowing against your home equity while not having to make any payments to cover the mortgage—this is all settled up when you sell your house.