Trusted Charlottesville Attorneys Advise on the Benefits of a Reverse Mortgage
Helping you leverage your hard-earned assets to stay in your home
As people approach retirement, some find that their income decreases while their healthcare and other expenses increase, making it difficult for them to keep up with their monthly mortgage payments. If you find yourself in this situation and you are over age 62, own your own home and otherwise qualify, a reverse mortgage may help you keep your home. Our seasoned attorneys with the Miller Law Group, P.C. can assist you in applying for a reverse mortgage, which lets you stay in your home without making monthly mortgage payments. A reverse mortgage may even let you use some of the equity from your home for your financial needs.
How does a reverse mortgage work?
Reverse mortgages are based on the idea that after many years of home ownership, you have made a significant investment in the value, or equity, of your home through mortgage payments. In a reverse mortgage, the lender pays you, the original borrower, on a monthly basis for the equity in the home. You are free to use these reverse mortgage monthly payments as you wish. You remain in your home and retain title to your home as the legal owner as long as you live there or until you sell it. At the Miller Law Group, P.C., we believe that you deserve the chance to enjoy the home equity you worked hard to build. Our lawyers can help you determine if a reverse mortgage arrangement is right for you.
Once you receive approval for a reverse mortgage, you must fulfill the following requirements for as long as the mortgage is in place:
- Primary residence. The mortgaged property must be your primary residence.
- Taxes and insurance. You must pay all real estate taxes, homeowners insurance and other property-related fees on time or you will risk being in default.
- Property maintenance. You are responsible for maintaining your property and completing any necessary repairs.
With more than 30 years of combined experience assisting clients in Albemarle County and surrounding counties, our debt relief attorneys guide you in setting up a reverse mortgage to suit your individual needs and make sure you understand your responsibilities.
Contact us to find out if a reverse mortgage is right for you
If you’re approaching retirement and own a home, a reverse mortgage may be just the solution to help you overcome unexpected expenses. At Miller Law Group, P.C., we are committed to helping you use benefit from your home’s equity without disrupting your life. Our attorneys and professional staff work hard to protect what’s important to our clients: their assets and their families. Call us locally at 434-202-5293 or contact us online today for your FREE APPOINTMENT. Our law firm is located behind the Senior Center in Charlottesville and is handicapped-accessible. Parking is available outside the door.
Serving the communities of central Virginia, including Albemarle, Augusta, Buckingham, Charlottesville, Culpeper, Fluvanna, Greene, Louisa, Madison, Orange, Harrisonburg, Staunton and Waynesboro