As we grow old, there are some things that we can do and things that we can’t. People over 62 are known for their experience and wit. Once a person has crossed the 62 years barrier, they have entered into their golden period, a time when ideally they need to relax, live a stress free life with all of life’s utilities at their disposal. Unfortunately, leading a peaceful and content post retirement life is easier said than done.

Fortunately, people who are homeowners and 62 or older in Cudahy can turn to a reverse mortgage in Cudahy if they are looking to utilize some of the equity built up in their home.Reverse mortgage is one of the few loan products that are designed specifically for people who have crossed the age of 62

The borrower is allowed to take a mortgage against the equity saved up in their home. While doing so the borrower is allowed to keep possession of the property for their lifetime or as long as they want to live in it as long as property tax and insurance payments are kept current and they adequately maintain the home. If they decide to move out or they die, the home will be sold and proceeds of sale will be used to pay off the mortgage amount and the interest charged on it.

If the proceeds of sale from the house being sold are more than the mortgage amount and the interest charged on it, the residual amount is repaid to the borrower’s next of kin or the borrower themselves. In case the amount of sale from the house is less than the mortgage money lent and accrued interest, the next of kin of the borrower cannot be held liable.

While you are in possession of the home, you will be allowed to stay as long as you are current with property taxes, insurance and maintenance. kept up. If  you’re looking for more information on reverse mortgage in Cudahy contact us today!

This material is not from HUD or FHA and has not been approved by HUD or a government agency.

As with any loan there are risks associated with a reverse mortgage.  The right to remain in your home is contingent on complying with reverse mortgage loan terms and it is possible to lose your home if you do not comply with the terms of the reverse mortgage such as keeping current with property taxes, insurance and maintenance costs.