The Reverse Mortgage
Reverse mortgages represent a way for elderly homeowners faced with financial hardship to secure a regular income or a single lump payment to help them pay for their day-to-day expenses. If the homeowner meets certain qualifications, he or she can agree to a loan based on the equity build up in their home.
Reverse mortgages are not available to everyone, and some people may find themselves in economic trouble, unsure of what to do or where to turn to for help. To discuss your case and needs with one of the experienced Arizona bankruptcy attorneys of the Harmon Law Office, LLC, please contact us today by calling 480-829-0494.
How the Reverse Mortgage Works
A reverse mortgage allows an approved homeowner to keep his or her home while turning some of the built-up equity in the property into cash. In the United States, to qualify for a reverse mortgage, you must:
- Be 62 years of age or older
- Go through counseling on the subject to ensure that you fully understand the commitment
- Use part of the reverse mortgage loan to pay off any outstanding mortgage on the home
A reverse mortgage does not have to be repaid until the house is sold or the borrower passes away, at which point the person’s estate will have a year to pay back the money, which is usually acquired through the sale of the house.
Contact Us
If you or someone you love is facing serious financial problems and would like to learn more about how filing for bankruptcy may be able to help you, please contact the compassionate Arizona bankruptcy attorneys of the Harmon Law Office, LLC, today by calling 480-829-0494.