If you have a reverse mortgage, instead of you paying for your home, your home pays you. You may choose to receive either a lump sum of cash or a credit line for a pre-determined period of time. Eligible borrowers must be 62 years of age or older and have equity in their primary residences.
The borrower is still responsible for property taxes and insurance, but a reverse mortgage is an excellent way for seniors who own their home (or have very little mortgage balance) to borrow money.
Contact our reverse mortgage specialist for details: Mike Kraus at 763-355-8540.
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