"At Bridgecoast we treat our clients with the
respect they deserve."
Are you retired ?
Are you asset Rich - Cash Poor ?
Is most of your wealth tied up in your home ?
Would you like to turn your
equity back into income ?
A reverse mortgage gives you the opportunity to
borrow a portion of the value of your home providing you with
additional funds for your retirement.
Suitable for people over 60, a reverse mortgage
frees up your equity allowing you to maintain or even improve the
standard of living you have become accustomed to. It lets you
continue enjoy living in your own home.
When the home is sold the net proceeds of the sale
will be used to repay the loan. Any amount left over will go to you
or your estate.
Types of Reverse Mortgages
1.
Original programs offered reverse
annuity mortgages (RAM) monthly payments received for life, owner
must live in property , when last co-borrower dies or moves , debt
is repaid through sale of asset.
2.
Term Reverse Mortgage. Provides monthly payments for fixed period (
usually up to 10 years) debt is payable at the end of the period
,owner is expected to sell house, move and repay loan.
3.
Lump Sum/Line of Credit. Can redraw any amount at any time, accrues
interest and repayment is due when the owner moves or dies.
