What is a Reverse Mortgage?


I’m Meghan Robinson, the Reverse Mortgage
Manager here are American Financing. And I’m here to answer questions that many
people have about reverse mortgages. The first question is, what is a reverse mortgage? A reverse mortgage is being able to use your
equity to give yourself income, or just pay your mortgage off completely. Typically you’re going to need about 60% equity
in your house to be able to qualify. You need to be 62 years old, and you need
to use the house as your primary residence. A common misconception is that you lose ownership
in your home. That is not the case. In fact, you never come off the title of your
house. Just make sure you pay your homeowners insurance
and your taxes on time and that they are kept up to date. A reverse mortgage is a great retirement tool. You can increase your monthly cash flow. You can eliminate your current mortgage payment,
and you have the financial freedom to enjoy your retirement. If you want to know more, give us a call here
at American Financing. 1-800-910-4055.

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