How to Use a Reverse Mortgage to Buy a Second Home?
Reverse mortgages are relatively new products, but they have huge benefits, particularly for individuals who are hoping to purchase a second home in Colorado. The loan you receive against your first home when you choose to use a reverse mortgage can be used to purchase a second home: effectively, you are releasing the equity from one property to enable the purchase of another.
What is a Reverse Mortgage?
A reverse mortgage is a mortgage type that enables a homeowner to borrow money against the value of his or her home. Typically targeted at seniors, when you take out a reverse mortgage, no repayment of the mortgage is required until either the borrower dies or the home is sold. When you…