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What is a Reverse Mortgage?
A reverse
mortgage is a government backed loan that
allows seniors to use the equity they have
accumulated in their homes over the years to
improve their quality of life. By
converting equity into income, a reverse
mortgage is a way to stay in your home and
receive cash to use for any purpose:
Most seniors are
either semi-retired or dependent on a fixed
income. Inevitable health problems, as well as
increases in every-day cost of living expenses
make it difficult, if not impossible, for them
to keep up with expenses.
Use the money for anything you need or
want
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Replace lost
retirement income
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Pay for home
repairs or renovations
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Pay for long
term health care insurance
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Pay the cost
of health care and prescription drugs
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Pay off
existing mortgage, taxes and other debts
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Buy a motor
home or a vacation home
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Buy a new
car, boat, or make needed repairs
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Give your
kids a down payment for a house
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Give to your
church or other charities
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Travel and
just have fun
The Reverse
Mortgage Program is offered by
Interate Mortgage Corporation
exclusively for homeowners age 62 and over.
Most importantly, you retain the
title and ownership of your home.
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