If you're retired, you may still be worried about your financial future. You won't be getting a regular paycheck, so what do you do if you need more funds? Reverse mortgages are an option for senior homeowners who need more income in retirement. You can use the value of your property to receive a loan, and the interest rate can be lower than traditional mortgages. Contact Bank of England Mortgage to learn more about reverse mortgages.
For a reverse mortgage, no monthly mortgage payments are required, but there are some stipulations. The senior homeowner must:
- Use the home as a primary residence
- Pay required property taxes and home insurance each year
- Maintain the home according to Federal Housing Administration requirements
You don't have to struggle to make ends meet in retirement. Consider a reverse mortgage today.