If you are 55 years or over there is a good chance your home has increased in value over the years and you could be eligible for a reverse mortgage.
What is a reverse mortgage?
A reverse mortgage is for homeowners age 55 years or older, you could receive up to 55% of your home equity as a reverse mortgage. The income is tax free and there are no monthly mortgage payments unless you want to make one.
With a reverse mortgage you can pay your bills, upgrade your home, and have cash flow to spend on anything you want. You can take the money all at once or as you need it and you will only pay interest on the amount you have used.
You will always maintain ownership of your home and you will never be forced to more or sell. Repayment of the loan is only required when you move or sell your home.
How do Reverse Mortgage work?
To find out how much you are you are entitled to call a Sunlite Mortgage Reverse Mortgage agent and we will verify your information and answer any questions you may have.
Once approved you could receive your money in a Lump sum or multiple installment payments.