Reverse Mortgages in Maryland
The United States has over 41,256,029 (according to 2010 census) citizens who are 62 years and over. Small as it is when compared to other states, Maryland is home to 862,086 of that population. With its delicious sea foods (you guessed it – crabs), amazing beaches, rich history and a ton of other stunning attractions, you can easily see why seniors and baby boomers love The Old Line State – it is a haven where you can relax and put your worries away.
Well, not quite always. The economy is not always kind and every so often you might find yourself in a financial crisis. If you are 62 years or over, when that happens you can opt to take out a reverse mortgage in Maryland. As long as you are a homeowner, you can convert your house’s equity into cash by entering an agreement with a mortgage lender so that they give you money periodically based on the buildup equity in your home. You get to spend that money as you wish.
A reverse mortgage is definitely a lifesaver for many considering up to a third of the population aged 62 years and above doesn’t work. If you fit the bill, you can use your reverse mortgage in Maryland to settle your medical expenses, card bills, for home improvements or any other financial needs you may have. Since it is a mortgage agreement, there are considerations to keep in mind. For instance, there are eligibility standards that you have to meet. You can learn all about that and more in the sections that follow. We have discussed the meaning of a reverse mortgage and how it works, its benefits, the payment options at your disposal, the various types and so much more.
Interested in applying for a reverse mortgage in Maryland? TJC Mortgage can help. Contact us today and we will get you the best reverse mortgage deal in Maryland.
Maryland County Mortgage Service Areas