Old age is referred as the golden period of one’s life but still no one wants to go through it. In addition, one cannot avoid it too, as it is associated with health hazards and financial trauma apart from happiness. One can see senior citizens looking for some financial assistance from various creditors or even family and friends, and end up paying more than what they should be paying. Well not any more, as AARP reverse mortgage is one such financial solution that reinstates the lost smile and puts the senior citizen back on the move.
What is a reverse mortgage and how can it help me in procuring a loan, is the first question that comes in the mind of a senior citizen who is seeking a loan against property? Well AARP reverse mortgage is a special kind of a loan that is available to equity-rich senior owners. In this kind of service, repayment is not necessary until the borrower sells the property or moves into a retirement home or somewhere else. One can also say that AARP reverse mortgage is a tax-free loan for homeowners whose mortgage has already been paid, but want to use the equity in their homes. In fact, a real definition of AARP reverse mortgage is that a lender makes periodic payments to the borrower using his or her equity in the home as a security.
Though one has to be very careful when choosing an AARP reverse mortgage loan, as they are readily available on the web. AARP reverse mortgage offers various types of loans, such as single-purpose, federally insured, and proprietary and covers the benefits and drawbacks of each. But one has to consider many things when applying for AARP reverse mortgage like how it will affect the financial situation of a senior citizen and how can she or he evaluate the property carefully in order to make an informed, wise decision to obtain a reverse mortgage. For this, AARP reverse mortgage offers counseling to its clients on the credit involved. The borrower receives the loan in a form of lump sum, line of credit and fixed monthly payment.
In fact, to be eligible for reverse mortgages, one has to own a house and should be 62 years old or more than that. The benefits involved in AARP reverse mortgage are that the senior citizen does not have to pay the amount in one go, or even on monthly basis. Above all, the senior citizen who has qualified the AARP reverse mortgage loans does not even have to procure an income proof or a receipt. Moreover, AARP reverse mortgage also offers discounts and other benefits on health care, automobiles, legal and other loans. In fact, the members or the borrowers are also eligible for general insurance services that are offered by AARP reverse mortgage service providers. In addition, the investigation involved during the crediting of loan takes less time. Hence, if you are looking for the right reverse mortgage loan then, you know where to approach –AARP reverse mortgage!