Private Mortgages
Use your home equity to reduce your credit card debt.
A reverse mortgage is one of the most underused mortgage solutions by those who truly benefit the most. Reverse mortgages are designed to help homeowners who have no existing mortgage tap into their equity and increase their monthly cashflow.
In other words, you get the money you desire without having to worry about making out-of-pocket payments to repay the mortgage. That’s right, $0.
It has some similarities to a regular, amortized mortgage, but carries a few distinct differences:
- No monthly payment obligations (unless you voluntarily choose to make payments)
- No maturity date
- Some lenders have an age requirement of 55+
- You must own your home
- Only available for a primary residence (investment properties are ineligible)
- The interest portion accrues on the outstanding principal and interest
During the term of the reverse mortgage, the accrued interest for that period is simply added to your ‘tab’ without consequence. In other words, your mortgage will not be deemed in arrears or trigger default. This is vastly different form a typical mortgage in which you are required to make your minimum payments and would be considered in default were you to miss any regularly scheduled payments.
Interested in having your home pay for you?
