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Midwest Capital Mortgage offers reverse mortgage programs tailored to fit your current financial needs.
A reverse mortgage is a unique type of loan used by senior citizens to convert the equity in their homes into cash. The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years. The reverse mortgage has earned its name because the payment stream is "reversed." Instead of making monthly payments to a lender, as with a regular first mortgage or home equity loan, a lender makes payments to you. The money from a reverse mortgage can be used for anything from daily living expenses, to home repairs and home modifications.
Though there are no income or medical requirements to qualify, borrowers must be at least 62 years old and own their own home. You may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage; in fact, many seniors get a reverse mortgage to pay off a first mortgage.
Contact Midwest Capital Mortgage to discuss your best reverse loan options by calling 816-795-8500. |
