A reverse mortgage is a unique type of loan used by older Americans to convert the equity in their homes into cash. The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years. The reverse mortgage has earned its name because the payment stream is "reversed." Instead of making monthly payments to a lender, as with a regular first mortgage or home equity loan, a lender makes payments to you. The money from a reverse mortgage can be used for anything from daily living expenses to home repairs and home modifications.
Kimberly Salazar is our local San Antonio reverse lending expert. She has been able to substantially change the quality of life for many seniors. Allow her to help inform you on many of the misconceptions out there. Kimberly can be reached thru our website or directly at 210-788-8000.
Reverse Mortgage Qualifications
To qualify for a reverse mortgage you must be at least 62 and own your own home. There are no income or medical requirements to qualify. There are no credit qualifications and we've been able to assist folks from foreclosure. You may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage. In fact, many seniors get a reverse mortgage to pay off a first mortgage.
