The Benefits of a Reverse Mortgage in Oakland County, MI
If you are a homeowner aged 62 or older living in Oakland County, Michigan, you may want to consider getting a reverse mortgage. A reverse mortgage is a unique financial product that allows seniors to access some of the equity in their home as cash while still living in the home. A reverse mortgage can provide welcome financial flexibility for many Oakland County seniors. Here are some of the top benefits of getting a reverse mortgage in Oakland County:
Tax-free cash:
The money you receive from a reverse mortgage is completely tax-free, so you don’t have to worry about claiming it as income or paying taxes. You can use the funds however you want.
No monthly mortgage payments:
A reverse mortgage does not require monthly mortgage payments like a traditional “forward” mortgage. So you are free from this monthly expense, which helps fixed incomes stretch further.
You retain ownership:
With a reverse mortgage, you continue to own your home and can never be forced to leave as long as you maintain the home and pay property taxes and insurance.
Credit history is not a factor:
Your credit score or history does not matter when applying for a reverse mortgage. You can qualify as long as you meet the age and equity requirements.
Use funds for anything:
There are no restrictions on using reverse mortgage funds. Pay off debts, complete home repairs, enjoy retirement, and more.
Spouse may remain after death:
If the reverse mortgage is only in one spouse’s name, the other spouse can continue living in the home even after the borrower dies or moves out.
Heirs retain inherited equity:
Once the home is sold and the reverse mortgage is paid off, any remaining equity goes to your heirs. The loan balance will never exceed your home’s appraised value.
Talk to one of our qualified reverse mortgage loan officers at Kaye Financial Corporation headquarters in Farmington Hills, Michigan in Oakland County to learn if this product makes sense for your financial situation. With minimal or no monthly payments, you can confidently free up cash flow and age in your home.
