Major League Mortgages - Reverse Mortgage

Reverse Mortgage - Reverse The Curse!

Shock the world with a reverse mortgage

In 2004, the Boston Red Sox made history by coming back from a 3-0 deficit in the American League Championship Series against New York and then crushing St. Louis to win the World Series, reversing an 86-year old curse and delighting fans across the world. or at least New England. With a reverse mortgage, you can reverse the curse of old age - and stick it to the man - by having somebody pay you to live in your home. It's basically free money, which everyone likes!

It's no game-winning home run at Fenway Park, but this arrangement is still pretty tight. An option enjoyed primarily by senior citizens, reverse mortgage loans provide easy living that in many cases does not cease until you die. So what's stopping you? Read on to learn more about how this backwards-moving home mortgage works.

Reverse mortgage - like a regular mortgage, only in reverse

Okay, so the heading above is a tad obvious. And redundant. And nonsensical. But we're reverse mortgage experts here at Major League Mortgages, not professional headline writers. Pick up a newspaper if you want that, buddy. Especially The New York Post. But back to the lecture at hand. Here's what we're talking about, a reverse mortgage in a nutshell:

Normal mortgage loans require you to make payments each month on the principal, plus interest, on the portion of the home owned by the bank. With each payment, you become the owner of another piece of your home, so to speak.
With a reverse mortgage, you receive payments back - money is lent to you by the bank out of the sum of money you have already paid off. Essentially, you are turning the value of your home into cash.
You can receive your reverse mortgage all at once, in a lump sum, or in monthly installments. You can also receive a credit line that allows you to decide how much to withdraw each month.
Typically, you don't have to pay back this type of mortgage until you move out, sell your home, or kick the bucket.

You can see why a reverse mortgage would appeal to so many senior citizens who need income and whose real estate is their biggest asset. So, you're old, you're not making money anymore, but you can still own a home and we want to help you. To learn more about this and other options, explore our Major League website in greater detail. Be sure to see our pages dedicated to securing the best mortgage rates!