Leave your Mortgage Payments Behind

Article submitted by the Real Estate Lending Department at Ent Federal Credit Union. They can be reached at 719-550-6499 or see www.ent.com

Did you know there's a great way to move forward...while going in reverse? It's called a Reverse Mortgage, and if you're a homeowner at least 62 years of age, occupy your home and have substantial equity, this unique financing option might be right for you.

Instead of making mortgage payments, a Reverse Mortgage converts the equity you have in your home to income that can be used for anything you want or need, from daily living expenses to education and travel. Proceeds from a reverse mortgage are available as a lump sum, fixed monthly payments, a line of credit or a combination of all three options.

The amount of the Reverse Mortgage benefit depends on your age, the value and location of your home and current interest rates. Generally, the older you are and the greater your equity, the larger the benefit will be. Plus, you may be eligible for a reverse mortgage even if you still owe money on your first mortgage.

There are no income or credit qualifications with a Reverse Mortgage. As with all mortgages, upfront costs can be included. The loan is not due and payable until the last surviving borrower no longer occupies the home as a principal residence, and the homeowner (or heirs) can never owe more than the value of the home.

A Reverse Mortgage can be a great way to add income in retirement, especially if you are ready to let your home's equity make your golden years even better.