Reverse Mortgage

As a Wauwatosa mortgage broker, I am dedicated to finding the best mortgage solution for every client’s particular set of circumstances. To that end, I am proud to offer a wide range of mortgage products and services to my clients, whether they are looking to become a home owner or already are one.

If you already own a home, are 55 or older and want to save money on your mortgage, you may be a prime candidate for a reverse mortgage.

A reverse mortgage is a type of mortgage that is available only to homeowners who are over the age of 55. This type of loan does not require a monthly payment. Instead, the interest is added on to the loan balance at the end of each month, and the homeowner is only held accountable for paying the property taxes and homeowner’s insurance for the property.

Reverse mortgages help older homeowners by allowing them to access the tax-free equity that they may need to supplement their income or better balance out their spending.

Unfortunately, when the homeowner dies, the loan must then be repaid be their estate. Another disadvantage of reverse mortgages is the possibility of higher interest rates that can cause the loan balance to eventually outgrow the value of the home.

Just as with any other type of mortgage product or service, it is always recommended that you speak with a Wauwatosa mortgage professional, like myself, before you move forward with any mortgage decisions.

This is especially true where reverse mortgages are concerned because this is an especially confusing type of loan and there have even been reports of reverse mortgage scams in the past.

If you do fit the criteria and are interested in more information about how a reverse mortgage could possibly help you retire sooner, give me a call today and I will be happy to discuss your options with you!


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