Mortgage
Loans
Get Further Information About Mortgage Loans Below
WHAT IS A REVERSE MORTGAGE?
Reverse Mortgage allows seniors to draw upon the equity of their homes either by a lump sum payment or by issuing monthly installments thus providing income even after retirement.
WHAT ARE THE BENEFITS OF A REVERSE MORTGAGE?
With Reverse Mortgage the lenders pay you money through monthly installments or a one-time lump sum payment. The monthly installment is dependent on your age and the value of your home. You never have to owe more than the value of your home. and you are not required to pay the loan back until the home is no longer your primary residence. Those who benefit from Reverse Mortgage are those who plan to stay in their homes over an extended period and have built a decent amount of equity in their homes.
WHO IS ELIGIBLE FOR A REVERSE MORTGAGE?
If you own your home, have equity and are over 62 years of age you are eligible for a Reverse Mortgage.
WHAT TYPE OF PROPERTY IS ELIGIBLE?
The home must be your primary residence and most mobile homes and co-ops are generally not eligible.
For More Information call Ron.
CONTACT US (619)-894-9596