Retiring has a bittersweet taste if you have to leave the home where you raised your children and celebrated so many happy family occasions. No doubt you have visions of grandchildren running around and pets you adored long since gone but their memories always linger. You have enjoyed the company of neighbors who still visit and laugh with you about the picnics and neighborhood parties. Memories of Christmases past start to run through your mind and you recall all of the cherished Holiday celebrations.
Now, you have to retire and for one reason or another you do not have the financial resources you need to live as you want to. It is often not a matter of living as you would like to, but rather as you need to because money is in short supply. The question you face now is what can you do to make up the financial shortfall. There is an answer. Reverse Mortgage Lenders in Richmond can help.
If your home is paid off or nearly paid off you can get a reverse mortgage. The concept is very easy to understand. You have built up equity in your home and it is just setting there unused which is probably what you intended. However, there is now a way to use that equity for your benefit and keep your home too. You can live in your home until you die or decide to sell it.
A reverse mortgage will pay you a set amount per month interest free and tax free. You will have the support of added income while continuing to live in your home. You will not have to move until you are ready to move and maybe that will be never. You will not make any monthly payments on your reverse mortgage. The mortgage is liquidated if you sell your home and the interest on the money you have used is paid at that time.
When you inquire about a reverse mortgage from Reverse Mortgage Lenders in Richmond, be sure to get the terms in writing and review them with a financial adviser. You will want to understand the impact of compounded interest over the years since this will be paid from the proceeds of the sale. This is one way you can determine which reverse mortgage company you would want to use.
