Trevor Carlson, President of Heritage Reverse Mortgage, says their mission is to help people experience more freedom, security and joy in retirement.
A Reverse Mortgage mechanically is the same as any other mortgage, the primary difference is that with reverse mortgages the homeowners have the option of deferring monthly payments for the rest of their lives. They must pay their property expenses like taxes and insurance but the mortgage itself does not require a monthly payment if they live in the home and pay their property expenses.
"Not having a monthly payment is the predominant benefit for most people but in addition to that most of our clients are able to consolidate debt, access non-taxable home equity, and establish a financial reserve against some of life's unforeseeable surprises," says Carlson.
For most people housing is the single greatest expense from month to month. Imagine being able to eliminate that expense every month, but still owning your home and having equity left to leave to your heirs.
Carlson says in general, the standard reverse mortgage requires that at least one person on the loan be 62 years or older. But, there are always new products developing that are allowing for younger ages. So, if you're interested, give Heritage Reverse Mortgage a call at 435-359-9000.
You can also learn more information at heritagereversemortgage.com.