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 occupies the home as a primary residence. This typically occurs upon the sale of the home, or if the owner permanently moves or passes away.
1st Continental Mortgage
10451 Mill Run Circle
Suite 400
Owings Mills, Maryland 21117
Phone: (410) 356-8831
Toll Free: (888) 363-6080
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