Joyce Torelli - Broker, Real Estate Consultant, ERA Real Estate Phone: (508) 380-5229
Email: [email protected]
Email: [email protected]
When searching for funding in the real estate world, it’s crucial to understand each loan type and its definition. Reverse mortgage is one important term you may encounter when thinking about building equity in your home. But what does reverse mortgage mean?
A reverse mortgage refers to a loan type available to homeowners aged 62 or older, and permits them to turn their home equity into income without monthly mortgage payments. A reverse mortgage loan essentially lets you borrow money, nearly uninhibited, against the equity you’ve already invested in your home.
There are several types of reverse mortgages to choose from, depending on a variety of factors. The most common form of reverse mortgage is the HECM.
An HECM is also sometimes called a Federal Housing Administration (FHA) reverse mortgage, and is only available to those who meet FHA qualification requirements.
To those who qualify, there can be definite advantages to a reverse mortgage. Reverse mortgage loans allow many homeowners the flexibility to supplement their income later in life and benefit from their investment in their homes. They can also be helpful in situations where significant costs, such as healthcare, necessitate a lump sum payment.
However, reverse mortgages don’t make sense for everyone. It’s best to find a trustworthy lender or loan program before considering this type of loan, and discuss your options with a trusted financial advisor.
Joyce Torelli, Broker - Realtor Consultant 508-380-5229 [email protected]
CRB, ASR(Accredited Seller Representative), CBR, SRES www.JoyceTorelli.com Please see a few of the Google reviews that recent and past clients have been thoughtful to leave, as well as some written testimonials attached. Top 3% of 375 Professionals – 15 ERA Key Realty Offices.
“I am currently a longtime resident of over 30 years in Marlborough, MA, but mainly grew up in Hudson MA. Later, I had the opportunity to live in various towns in and around the Middlesex County area (Acton, Bolton, Framingham, Hopkinton,) as well as in the Netherlands, Europe. Bringing understanding, insight, and strategy on the home sale marketing and sale process is critical. With over 30 years of experience, I have helped hundreds of homeowners get their home sold for the very best price and terms with the least inconvenience, with skill, caring, and a marketing plan tailored to their needs and their home! My buyer clients benefit from the same 30 years plus of experience of positioning their offers to meet with success in getting accepted, which has resulted in many happy home buyers.
