Reverse Mortgages in Chesapeake Help You Take Advantage of Your Home’s Equity...

Apr, 2014 by

A reverse mortgage is a financial product that helps homeowners who are 62 years and older. Specifically, it gives the homeowner money for their property without making them move out. It is best for those who own their home, or have very little left on the mortgage to pay off. The money can be used for whatever they need it for, and there are no restrictions on its use. Reverse Mortgages in Chesapeake are guaranteed by the federal government, and don’t have to be paid back. Getting a reverse mortgage is very similar to getting a regular mortgage, but instead of paying money to the lender, the lender pays out. In order to qualify, the borrower has to use the home for their primary residence. The lender takes into consideration the age of the...

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