Advice of Reverse Mortgage Counselors

Reverse Mortgage Loans are appropriate for seniors who do not want to be under the burden of making monthly payments to their lender. The borrower doesn’t have to repay back to the lender while he or she is alive or living in the same home.

To qualify for this type of loan, a borrower has to be at least 62 years of age and must own a house in his or her name. With this type of loan, borrowers can get cash against their home equity without making monthly payments.

There are three types of reverse mortgage products that are available for senior citizens. These are:

1. FHA reverse mortgage loan,
2. Home Keeper reverse mortgage loan, and
3. Jumbo reverse mortgage loan

Every loan has its own set of qualification criteria, benefits, and limitations that must be known in advance to avoid problems in the future. Before you select any of the three loan products, you must contact a reverse mortgage counselor about the best product to suit your needs. Every individual has its own requirements and therefore personal counseling is essential to help you get started.

You can get in touch with Reverse Mortgage Group where experienced counselors work hard to help seniors understand the products available to them. Get in touch with them at the earliest available moment and free yourself from your financial burdens.