Reverse Mortgage: What It Is and How It Works?

A reverse mortgage can be a great option for older homeowners looking to stay in their home, get rid of monthly mortgage payments, obtain an extra source of income, or a combination of the above. Here is a guide explaining how reverse mortgages work and their benefits.

What Is a Reverse Mortgage?

Reverse mortgages are loans available to homeowners who either own their home or have a low mortgage balance. The home’s equity is turned into an amount that homeowners can borrow against.  For those in good standing who want to pay for cost-of-living expenses, reverse mortgages are a great option.

Reverse Mortgage Eligibility

There are certain requirements you must meet if you’re trying to secure a reverse mortgage, including:

Benefits of a Reverse Mortgage

Homeowners can enjoy many benefits from a reverse mortgage, whether it comes in a lump sum or a monthly deposit. Here are some of the top reasons to secure this loan.

Secure Your Finances with Butler Mortgage

If you’re looking into a reverse mortgage, contact the mortgage professionals at Butler Mortgage. For over 25 years, we’ve worked with both first-time and seasoned buyers wanting to own a home in Central Florida. To begin finding your right loan solution, call 407-931-3800 or fill out our free online consultation form today.

Request a FREE consultation

* Required

An elderly couple sitting in rocking chairs on a porch
Financial Security from a
Reverse Mortgage
A house
USDA Loans
100% Financing to Qualified Buyers
A child hugging a man in the military
VA Loan
Buy with zero down. 30-year fixed rates