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A reverse mortgage is a way to use the equity in your house and get money now. You have no monthly loan payments due, and no late fees attached for not making a payment. The house does not have to be owned free and clear to obtain a reverse mortgage. The reverse mortgage can be used to payoff an existing mortgage, and still get the balance in cash. You can get the money you need monthly or take it when you need it. The options are up to you.
Reverse Mortgage Lenders Richmond can provide all the information you will need to make a decision about a reverse mortgage. In many cases, it helps people who don’t want to sell their home use the equity in the house now. When a person retires the goal is to have the house paid off. For many reasons getting the house paid off does not happen. The reverse mortgage can eliminate those payments but let you stay in the house. The payment can be made monthly or the interest can be added back to the loan, and paid off when the house is sold down the road.
The equity in your house can be used to payoff other debts to free up monthly income for other important expenses. Maybe you want to do some traveling while you are still young enough to enjoy the trip. You can take the equity in your house as a line of credit and use it when and where you want. Getting a reverse mortgage can improve the quality of your life while you are able to enjoy it.
The Reverse Mortgage Lenders Richmond is the place to check out all the options. Once you have found all the information and answer all your questions, they can help you get the cash. This type of mortgage maybe exactly what you need to keep your house and balance the budget at the same time. The only thing left is figuring out where the extra money will be spent. The equity payout is not taxable income and shouldn’t affect any social security benefits you are receiving. Check into Reverse Mortgage Lenders Richmond today.