Sponsored Content by Bryan Colebrook NMLS #260438.
Studio 17’s Ilyana Capellan talks to Bryan Colebrook NMLS #260438 about how a reverse mortgage could benefit individuals looking to invest and improve their home long term.
Colebrook says reverse mortgages are a way for homeowners over the age of 62 years old to overcome massive increases in costs. It guarantees those homeowners won’t have to make a mortgage payment for as long as they remain living in that same house. Another qualifier for a reverse mortgage is that the homeowner must have at least 40% equity in their home to benefit from the reverse mortgage.
Though a reverse mortgage may sound like a great idea, Colebrook warns this loan works against your equity which most homeowners have worked hard to obtain.
For more information on the topics covered with Bryan Colebrook or any other loan-related questions, reach out to him directly by calling 661-524-LEND (5363).