Colonial First Mortgage is proud to offer Reverse Mortgage loan options for borrowers age 62 and older. Your home can be the most important wealth building tool you have; and it’s time to put it to work for you. Now you can have the freedom to do the things you’ve always wanted. It’s time to stop paying for your home and start letting your home pay for you.
What is a Reverse Mortgage?
A reverse mortgage is a home loan that allows you to transfer the equity in your home into cash. This cash can be paid to you in monthly installments or in one lump sum. That’s why it’s a reverse mortgage – because it pays you instead of you paying the mortgage.
Also, this allows you to stay in your home without having to make payments for as long as you occupy the property. In general; the older you are, the more your property is worth and the lower the interest rate all means you can borrow more.