Reverse Mortgage Lenders
If you are over the age of 62, you may want to consult with reverse mortgage lenders. This is a government insured home equity loan with no payments. This program is specifically for seniors in financial need, making it possible to access their equity without putting anymore financial stress on them.
Reverse Mortgage Benefits
- Income and credit score are not usually an issue for qualifying for a Reverse Mortgage – your age and the amount of home equity you have are deciding factors of the amount income you’ll be able to get.
- With all reverse mortgages, you will by no means make a mortgage payment so long as you reside in your home.
- One Reverse Mortgage is backed by the Federal Housing Administration (FHA) – setting a loan maximum of up to $625,500 for your reverse mortgage.
Whether you have a mortgage payment that you would like to eliminate – or your house is paid for and you’re seeking some additional income, a reverse mortgage gives you immediate access to YOUR money. You can use this untapped income to just enjoy everyday life; to help support a loved one; or to pay some bills!
Is a reverse mortgage for you?
The benefits of a reverse mortgage are very plausible. While it’s true that depending on the conditions in the market, things may be subject to change such as your annual or monthly rates, something of note with regard to receiving your proceeds is that this can be done in either one lump sum, in a monthly check, or in a line of credit.
The reverse mortgage may just be the option for you. Note the age and value of your home as well as today’s current interest rates. Many have viewed the reverse mortgage in a very positive light, as these are government insured loans, approved by the FHA.
Under the agreements in this action, there never is a prepayment penalty and the ability to refinance your loan at anytime is intact. Another bonus, the cash received is always tax free. And who wouldn’t like the feeling of not having monthly mortgage payments?
Reverse mortgages, in contrast to typical “forward” mortgages, are designed to pay the equity to homeowners. Consult with Reverse Mortgage Lenders today to help you tap into a new found monthly income!