Contact Reverse Mortgage Lenders In Virginia Beach
Most people use a mortgage to buy a home. This is basically a specialized type of loan where you make payments over a long period of time and the bank has the right to take the house itself from you if you fail to pay as agreed. It is an arrangement that has allowed millions of people to become home owners who would never have been able to afford to purchase a property outright. You can now turn to Reverse Mortgage Lenders Virginia Beach if you want to hold on to that property but also get an additional income stream in your retirement years.
Like a mortgage, a reverse mortgage is based around a home. In this case, though, it is the lender that is making payments to you rather than the other way around. They evaluate the amount of equity that you have in the property and your age, and make an offer for how much they are prepared to pay you. This gives you an ongoing source of income during your retirement years, since you must be at least 62 years of age to qualify for these programs.
For people who have a lot of equity in their home, this is an excellent way to use it to get at some cash. Part of the rules of the arrangement is that you are allowed to remain in the home and do not have to pay anything back for so long as you are living there as your primary residence. If you should move out, sell the property, or die, the lender gets back the money that they have been paying out over time. You can choose to pay it in cash and keep the property at that point, or to sell the property and give the lender their share.
You should talk to Reverse Mortgage Lenders Virginia Beach about how this option would work out for you and what rates they are prepared to offer. You will likely find that Reverse Mortgage Pro Richmond offers the best rates, but it is worth taking some time to check out your options and be sure that you are choosing the company with whom you are most comfortable.