What is a Reverse Mortgage in Richmond and what are it’s Benefits
If you’re over the age of 62, you live in Richmond, Virginia and you have a great deal of equity or you own your own home, you are eligible for a reverse mortgage. The chances are quite good that you’ve heard about this term but there’s a great deal of confusion as to What is a Reverse Mortgage Richmond. Some people only know a small portion about reverse mortgages and without having a clear picture of what they are, they may automatically dismiss them. Other people are completely confused so the real question that needs to be answered is what is entailed in a reverse mortgage.
A reverse mortgage is precisely what it says it is, rather than you paying the mortgage company, a mortgage company pays you pursuant to either the value of your home or the amount of equity that you want to use from your home. This money can be used for a wide variety of different things, but it is up to you and your discretions as to how the money gets spent.
One of the biggest questions people have when asking What is a Reverse Mortgage Richmond is whether they will retain ownership of the home during the reverse mortgage payments and after all payments have been made. While you will owe the reverse mortgage company the amount of money you borrowed against the equity of your home, they do not take ownership of your home and you are only required to pay that money back once you have vacated the premises.
For example, if you have an insurance policy that you can’t get at and you have no other beneficiaries, a reverse mortgage may be an excellent way to get money and have that loan paid off in the event you were to pass away. However, you need to consider staying in the house until that time because once you move, you will owe the reverse mortgage company for the payments that they made to you.
This website will give you all the information you need to make an informed decisions about a reverse mortgage.