People looking to get solar power financing options over the age of 55, can possibly use a reverse mortgage to purchase the solar panel system. There are some advantages using a reverse mortgage to finance a solar power system. For example, on a reverse mortage you can name your payment terms, or not make a payment at all. It can be easier to income qualify for a loan and get additional tax deductions when using a reverse mortgage to purchase your panels. But are there disadvantages? Yes. For one, the reverse mortgage must be in first mortgage position, it can’t be a second mortgage and you must have ample equity, typically at least 50-60% and there are a few other disadvantages. Click this link for a video to see several other advantages and disadvantages using a reverse mortgage for solar power financing. Feel free to leave a question or comment below.
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KW