If you currently have a mortgage, the first thing a reverse mortgage would do is to pay off your existing mortgage thereby eliminating your monthly mortgage payment. Then, depending on how much is left over, you can take the rest or the money in a lump sum, monthly payments to you, or a line of credit.
Here is some info based on the state you live in:
1. Colorado - If you'd like to explore a Reverse Mortgage in Colorado, Reverse Mortgage Loan Advisors can connect you with a licensed reverese mortgage specialist.
2. California - Folks living in California have several options and often times more options than in any other state. Reverse Mortgage Loan Advisors can inform you of the California Reverse Mortgage Application Process.
3. All other states - no matter what state you live in, we can provide you with Reverse Mortgage Info. If the owner is not licensed in your state, we can connect you with a mortgage professional that is.
A reverse mortgage is not for everybody, but for some a reverse mortgage can mean EVERY thing. It's a powerful tool that allows you to access money without a monthly payment.