Redding, CT Reverse Mortgages

Reverse mortgages are available to Redding, CT homeowners aged 62 and older. With a reverse mortgage, you can access the equity you have built up in your home and use it for living expenses, a vacation, health care costs, or anything else. Unlike other loan products, reverse mortgages do not require any monthly payments.

When you take out a Redding, CT reverse loan, your lender will give you the disbursement in one of several ways, such as a lump sum or monthly payments. Your loan and the interest will cause your mortgage balance to increase rather than decrease each month because you will not make any payments on the loan.

Reasons to Get a Reverse Mortgage in Redding, CT

Redding, CT Homeowners have many reasons to consider a reverse mortgage. The following are some of the most common reasons our customers choose this loan option.

• Pay health care expenses. Medical expenses get higher as we age and healthcare costs are always going higher. Many retirees turn to a reverse mortgage to reduce the burden of medical costs.
• Home improvements. Do you want to finish much-needed projects around the house? A Redding, CT reverse loan can help.
• Pay off debt.
• Live more comfortably. Many retirees live on a fixed income and use a reverse mortgage to supplement a pension, Social Security, or a retirement account.