The very first reverse mortgage was written in order to help a widow stay in her home despite the loss of her husband’s income. In modern day, reverse mortgages still continue to help individuals stay in their home.
The definition of a reverse mortgage is simply a loan, and over the years it has continued to evolve into one of the safest mortgage products on the market today. Backed by federal insurance, thousands of seniors have already enjoyed the benefits of this financial tool.
Read on for more info on reverse mortgages, and learn how it can help you live a better life.
Potential borrowers considering this option do have a lot of questions, and they want to be very clear about what a reverse mortgage for seniors is. For some, the answer may still be a little unclear. Many do know the basics: a borrower may pull the equity in their home and convert it into cash, to then use it for whatever they wish. But what about the details? There is more information on reverse mortgages than you may know. For example, did you know that:
Reverse mortgages have been helping senior homeowners for more than fifty years. Transforming seniors’ equity to work for them has become a simple reverse mortgage definition, in addition to its basis and the reason for its foundation, and it may help you too. Fortunately, you can get the info you need to determine if it is the right financial tool for you here at American Advisors Group.