Money for Seniors: What is a Reverse Mortgage in Richmond All About?

by | Sep 2, 2013 | Financial Services

As the large number of baby boomers reach retirement age, the financial industry has evolved to help offer possibilities to allow them to live comfortably for the remainder of their years. People have been utilizing the monetary value in their homes to help pay for many items such as college educations, home repairs and even to consolidate accrued bills. For those that are aged 62 or older, the idea of a reverse mortgage has been realized so that retired folks can live more comfortably, too, without having to make payments every month.

So, What is a Reverse Mortgage Richmond, VA? If you live in the state of Virginia, you can use your home for income. Instead of paying a mortgage company, you can receive an allowed amount in monthly payments, a lump sum, or reserve it as a credit line to use if you need or want it. It is a way to let your home work for you.

Many people worry because they have heard many myths about reverse mortgages. They are afraid that they will leave a debt for their families to manage when they pass on. That is simply not true. A reverse mortgage is never higher than the value of the home. Therefore, there is never a debt for anyone to pay. The Reverse Mortgage Pro takes the equity, value left over after mortgage is paid, and allows the owners to use it as they wish. It gives the senior homeowners a chance to cash out on all of the hard work and mortgage payments they made while working throughout their lives. This is where their home investment pays off.

Visit website for the reverse mortgage in Richmond if you think this may be for you. There are professionals that will answer all of your questions, record information about the details your home and aid in deciding if this type of financial decision is the correct one. There is a mandatory and thorough session with a financial counselor to determine if you are a good candidate for a reverse mortgage by determining the value of your home v. what you expect to gain from the procedure.

Rest assured you will be well-informed and receive guidance throughout the process so that you are happy and comfortable with the reverse mortgage. Many seniors are choosing to do this because it gives them an opportunity to enjoy their golden years even more.

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