In an effort to continue to explore every avenue of financing available to our clients, several Howard Hanna Holt Real Estate employees met with a lender this afternoon to explore reverse home mortgages, a staple in refinancing for years which recently became an purchasing option.
As a quick overview, Reverse home financing caters to those 62 years of age or older. It allows for someone to purchase or refinance their home with a downpayment and then use their equity to establish a credit line, live without any mortgage payments, etc. The difference is that when you get your bank statement your mortgage balance increases rather than decreases.
While not for everyone, it is a useful tool for individuals to enjoy their golden age by downsizing their home, moving to a more age-friendly area while still owning a home, or just refinance and live off of their equity.
Contact a Howard Hanna Holt Real Estate agent for more information. http://www.howardhannaholt.com
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