Reverse Mortgages FAQ - Part 1
You spend years of your life paying off your mortgage loan and building equity in your home - but what can you do with all that equity? Equity can be used for a number of different things, such as going towards the down payment on your next home, funding your retirement, or taking out a reverse mortgage. A reverse mortgage (also called a "second mortgage" or a "home equity loan") is a loan you take out that allows you turn your home equity into cash you can use for home improvements, buying land around your home, or any number of other possibilities. Reverse mortgages tend to be varied and complex. You should talk to a mortgage lender to get all the information you need before officially deciding whether or not to take out a second mortgage, but the team at Arrowhead Title, Inc. is here to help you get the ball rolling. Reverse Mortgage FAQ (Part 1) 1. How Do I Qualify For A Reverse Mortgage? In order to be eligible for a reverse mortgage, you have to me...