What Is A Reverse Mortgage?
Brian Lardner knows reverse mortgages for the residents of the Lake Havasu City, AZ area. A reverse mortgage is available to those homeowners in Lake Havasu City who are 62 years or older, allowing them to convert part of the equity in their home into cash.
This type of mortgage was designed as a means to help retirees with limited income, enabling them to utilize the accumulated wealth in their homes to:
- Cover basic monthly living expenses
- Pay off existing debt
- Pay for long-term healthcare
The loan includes the term ‘reverse,’ because unlike a traditional mortgage, the lender makes payments to the borrower. You do not have to pay back the loan unless you decide to sell or vacate the home.
During the time you are living in the home, there is no need to make any monthly payments towards the loan balance. Please keep in mind that with reverse mortgages, Lake Havasu City homeowners will still be required to pay taxes and insurance on their homes.
Benefits Of Reverse Mortgages For The Lake Havasu City Homeowner
Unlike all the roadblocks you had to go through to obtain a home loan, reverse mortgages for Lake Havasu City residents do not have income or credit scores as a requirement. Even if you have had reduction in your credit score, you can still obtain reverse mortgages in Lake Havasu City.
Reverse mortgages are solely based on the fact that Lake Havasu City homeowners have equity in their home that can be used. Some benefits of reverse mortgages include:
- Freedom to eliminate monthly payments
- Repay the loan at any time
- You still own your home
Reverse Mortgage Lenders For Lake Havasu City Residents
We have the knowledge and expertise because we are the best reverse mortgage lender in Lake Havasu City. After having a clear understanding of your specific circumstances, and finding out what is most important to you, we provide you with the right reverse mortgage. Reasons to choose us for your reverse mortgage include:
- Save time spent shopping for a loan
- Get a more favorable loan rate
- Find products that best meet your needs
As the leading reverse mortgage lender in Lake Havasu City we help senior and retired Americans enjoy financial solutions where personal wealth is mainly in the home. Let us help you easily access this wealth without selling, downsizing, or making regular loan repayments.
Contact Brian Lardner at 805-434-5226 for more information on reverse mortgage interest rates in the Lake Havasu City area.