In some ways, a reverse mortgage is like
a home equity loan; you get money to use as you wish and
you don't lose control of your home. But there are
significant differences; traditional equity lines
require monthly repayment or principal and interest or
just interest. With a reverse mortgage, there are
no monthly mortgage payments during the life of the
loan. In fact, you won't have to pay back a
reverse mortgage if you don't want to, unless you move
out, sell your house or pass away.
With a home equity line, the borrower
must qualify based on credit history and income. A
reverse mortgage, on the other hand, requires no income
verification and only minimal a credit check. Almost
anyone who is 62 or older with equity in the home may
qualify.
The money you receive from a reverse
mortgage can come in the form of a lump sum payment, a
line of credit, a monthly payment, or a combination of
these options.
Diane C. Dailey, the President of
Grapevine Consulting has been originating mortgages for
20 years. In 1994, Diane realized that she could
provide her growing client base better service, and most importantly, better rates, if she became a
licensed mortgage banker, she did, and Grapevine
Consulting Inc was established. Working directly with Diane
has resulted in a family of repeat clients and client
referrals. Diane also specializes in reverse
mortgages, advertised on television with Robert
Wagner, well know actor. Reverse mortgages can
provide unique solutions for individuals over the age of
62.
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here for a more information and a Free
Consultation!
