Use the home equity you've earned with a reverse mortgage from our Owings Mills, Maryland, company. Reverse mortgages from 1st Continental Mortgage are helping older Americans across the country achieve great financial security and enjoy their retirement years to the fullest. Imagine having the income you need to remain living comfortably in your home in retirement—and, at the same time make much-needed repairs or renovations, afford quality home health care or even vacation with family and friends.
What Is a Reverse Mortgage?
A reverse mortgage is a loan that allows seniors to use the equity they’ve accumulated in their homes over the years to improve their quality of life and knock down the financial barriers to independent living. By converting equity into income, a reverse mortgage is a way to stay in your home and receive cash to use for any purpose—whether it’s day-to-day-living expenses, home remodeling or repair, paying off your existing mortgage or debt, or traveling the world. Best of all, you retain the title and you remain living in your home. Homeowners who are 62 years or older can qualify, and there is no income qualification. The size of the reverse mortgage granted depends upon the applicant’s age, the type of reverse mortgage sought, the home’s value, and interest rates. For as long as a reverse mortgage is outstanding, no monthly mortgage payments are required. The loan matures when the borrowers no longer occupy the home as a primary residence. This typically occurs upon the sale of the home, or if the owner permanently moves or passes away. Nearly 150,000 older Americans have done that, thanks to the reverse mortgage, a unique financial security tool that gives older Americans the freedom and peace of mind to fully enjoy the retirement years. | | Reverse Mortgage Fast Facts |
