Hello there. I can answer your questions....I've been in the mortgage business for 32 yrs and am a senior myself almost. A Reverse Mortgage is just liquidating a portion of your equity into tax-free cash and getting paying off your current mortgage. Right now with any other type of mortgage, you are leaving yourself open to losing your home. It only takes 2 missed payments now, and banks can start foreclosure proceedings. Regular mortgages and Home Equity lines are very dangerous for someone that's on a fixed income. A Reverse is also called a Home Equity Conversion Mortgage....HECM. They are the ONLY way to protect your most valueable asset...your home.
They get a bad rap because noone understands them that isn't in the business. Right now they are 95% of what i do. To most people they don't make sense. They think you're signing over the title to your home....which is false. You stay on title the entire time. If you have a spouse, your spouse is protected also...guarantying that you both can live in your home for the rest of your lives.
You're young at 62...you're a still a baby. You're entitled to 52.4% of the appraised value of your property. The older you are, the higher % you qualify for. Because you're so young, if you decide to own a 2nd home, that's fine. You may decide to sell your home. If that's the case, your title company will ask us for a payoff at the time of sale, the remaining equity is yours to take with you. I'm Carol Lynne ...I'm a paper girl ...I like to see numbers in front of me. Call me I can give you numbers ...the most IMPORTANT thing is that you have the facts to make a responsible decision. I'm an originating Branch Manager , i work 24/7...I'm happy to just give you the numbers or answer questions. Call me anytime...all my clients do, so you're not bothering me. I'm in Richmond, VA but I'm licensed in many other states too. Reach out to me...I'm happy to help. 703-622-4682