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Many homeowners have found that a Reverse Mortgage Loan is a great way for them to take advantage of the equity they have built up in their homes.
A Reverse Mortgage Loan is different than a traditional mortgage. With a traditional mortgage loan you make monthly mortgage payments, but with a Reverse Mortgage Loan the lender pays you money through monthly installments, a one-time lump sum payment, a line of credit, or a combination of a line of credit and monthly installments. The money that you receive is dependent on your age, the value of your home, and the current interest rate.
One of the great advantages of a Reverse Mortgage Loan is that you are not required to pay the loan back until the home is no longer your primary residence, you fail to maintain the home, fail to pay property taxes and/or homeowner’s insurance, or do not otherwise comply with the terms of the loan.
If you’re aged 62 or older and own your home you might be eligible for a Reverse Mortgage Loan. Contact us to find out more about Reverse Mortgage Loans and ways to make them work for you.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
You’ve worked hard to pay the mortgage on your home. With a Reverse Mortgage Loan you can receive a portion of the equity that you earned. A federally insured HECM Reverse Mortgage Loan can help you unlock that equity by increasing your monthly cash flow. Rest easy knowing you’re protected because with a Reverse Mortgage Loan you can:
Speak with one of our professionals today and learn how you can make the most of a Reverse Mortgage Loan.
A Reverse Mortgage Loan is a loan designed to allow seniors to draw upon the equity in their homes. Seniors can select to receive the loan proceeds either by a lump sum payment, by monthly installments, as a line of credit, or as a combination of a line of credit and monthly installments thus providing cash flow even after retirement. The reason this type of loan is called a “Reverse Mortgage Loan” is because the loan proceeds are paid to the home owner.
Eventually the money paid to the homeowner is repaid with interest, however the loan generally does not become due until the borrower passes away, sells the home, no longer maintains the home as the primary residence, or fails to pay property taxes, homeowners insurance, or otherwise fails to comply with the loan terms.
Getting a Reverse Mortgage Loan is a big step and needs to be carefully evaluated. Many people have found that by taking a Reverse Mortgage Loan they avail themselves of the equity they have built in their home.
Typically those who benefit most from a Reverse Mortgage Loan are those who plan to stay in their homes over an extended period and have built a decent amount of equity in their homes.
Contact one of our professionals today to find out if you have enough home equity to qualify for a Reverse Mortgage Loan. If you have a good amount of equity in your home and you plan on staying there for an extended period of time then a Reverse Mortgage Loan might be right for you.
If you own your home and are 62 years of age or older you might be eligible to apply for a Reverse Mortgage Loan. The home you are thinking of taking the Reverse Mortgage Loan out on must be your primary residence. There are some conditions to what type of home may qualify:
We can help you figure out if you’re eligible for a Reverse Mortgage Loan. Call us today!
These materials are not from HUD or FHA and were not approved by HUD or a government agency.