We have gone to the moon, discovered gravity and invented the atomic bomb, but unfortunately, we haven’t yet invented some chemical formula that could defy the age-old phenomenon of aging. This is why we all age, retire and then finally find eternal peace in our graves. During the party years of our life, we seldom think about our retirement and how life would be after retirement. An old person can claim social security benefits, but for an additional cash inflow, a reverse mortgage for senior citizens is the best option. Here are some reasons that would justify this claim of ours.
No Credit Check
Yes, you read that right! The borrower or the purchaser of a reverse mortgage can buy this financial product without worrying about their credit score. The lender will not assess the repaying capability of the borrower since the loan that is extended to the borrower is secured against the property in which the borrower is currently living.
Ownership of the House Remains with the Borrower
No one can force you out of the home. The ownership of the house remains with the borrower, and the lender can only liquidate the house after the borrower expires. This will give you peace of mind knowing that you can live in the house as long as you want.
Zero Tax
If you do not like paying taxes to Uncle Sam but still want a steady stream of income, then a reverse mortgage for seniors is the best available option to you. This is because the money that you get is not your income; it is, in fact, a loan, and a loan is exempted from taxation.
Longbridge financial is a reverse mortgage company that provides a reverse mortgage to senior citizens. It is approved by the Federal Housing Administration (FHA). It operates in 46 states and is committed to providing financial peace of mind to the elder generation. It is a member of the NRMLA and is considered as the best reverse mortgage company in New Jersey.
