Did you know that there is a special program for senior homeowners to tap into home equity for a cash loan?
With a reverse mortgage, you can get the funds you need to make the most of your retirement.
What is a Reverse Mortgage?
A reverse mortgage is a lending product that lets you borrow against your equity. To apply, you must be a senior, and you must have sufficient equity to qualify.
You can remain in your home for the rest of your life with a reverse mortgage and use the cash however you want.
How You Can Use Your North Carolina Reverse Mortgage Money
You can do anything with the funds from a reverse mortgage. No one has any say over it but you.
Here are a few popular uses for reverse mortgage funds:
- Repair your home.
- Upgrade your home.
- Put a down payment on a vacation home.
- Pay for higher education.
- Pay for a new vehicle.
- Cover the cost of automotive repairs.
- Pay off high-interest debts.
- Start up a business.
- Cover emergency medical expenses.
- Create an emergency fund.
- Go on a trip.
- Keep up with your monthly bills.
Reverse Mortgage Benefits
- Nobody but you decides how you use your reverse mortgage funds.
- You can receive the money from a reverse mortgage as a lump sum, line of credit, or in instalments.
- Typically, there are no taxes on reverse mortgage income.
- You can stay in your home for as long as you like.
- Reverse mortgages only come due when maturity events occur. Two examples include the sale of the property or the death of the last borrower.
- For many borrowers, a reverse mortgage not only means having more financial flexibility, but also increased peace of mind. That means being able to focus on your retirement instead of financial stress.
Are You Eligible for a Reverse Mortgage in North Carolina?
To qualify for a reverse mortgage, you need to meet the following requirements for eligibility:
- You or another borrower need to be age 62 or older to apply.
- You must be current on all home maintenance payments.
- Your income, credit score, and tax history can impact your qualification.
- You must plan on borrowing against your primary residence equity. A second home or vacation home is not eligible.
Apply Now for a Reverse Mortgage
Are you ready to apply for a reverse mortgage in North Carolina, Florida, South Carolina, Georgia, Illinois, Tennessee or Virginia? Please give the Martini Mortgage Group a call at (919) 238-4934 to schedule your consultation. We are excited to help you get more out of your retirement.