Reverse mortgage program offers additional income
Many senior citizens own their home and upon attaining that position, the person is now eligible to obtain additional money.
A reverse mortgage is a loan that is available only to persons who are at least 62 years old and who own a home. The borrower retains their residence and continues to live in it, and does not have to repay the loan until they vacate the property.
A reverse mortgage is often used when a senior wants additional monthly income, or even a lump sum for emergencies or travel. The idea is to provide responsible seniors with extra income, without the additional liability.
“Reverse mortgages were created specifically for older homeowners to improve the quality of their lives,” said Robert Gayle, a reverse mortgage consultant.