What Is A Reverse Mortgage?
Are you looking for information concerning reverse mortgages? Using a reputable reverse mortgage broker will help you find the reverse mortgage information you are looking for in the area of Oro Valley, AZ. Call Brian Lardner because they offer professional services to guide you in your search for reverse mortgages.
If you are 62 years old or above, then you can take obtain a reverse mortgage making use of the equity in your home in the Oro Valley region. This is the reverse mortgage definition. A percentage of the worth of your home is used to calculate the amount you get in reverse mortgages on the basis of:
- Interest rates
- Youngest homeowner age
- Value of the property
As long as the last surviving borrower is alive and living in the property, you do not need to pay back the reverse mortgages on your property. Once they die or decide to move out, there is a time period of 12 months to repay the balance.
Benefits Of Reverse Mortgages For The Oro Valley Homeowner
The advantages of getting a reverse mortgage if you live in Oro Valley are many. No matter what, you are always the owner of your house. A popular misconception related to reverse mortgages is that you lose the ownership of your Oro Valley house to the lender. This is simply not true.
You are responsible for paying all the taxes as well as the insurance, and if you are following all the agreed terms, no one can take your Oro Valley property away from you. Another benefit is that you start getting a monthly payment. This makes a reverse mortgage a great way to receive some extra money every month.
The other advantages are:
- You can receive the payment in a lump sum or monthly increments
- You are immune to the ups and downs of the housing market
- Social security and Medicare benefits remain unaffected
Reverse Mortgage Lenders For Oro Valley Residents
Having a professional reverse mortgage broker is the key to a successful transaction. You want a reverse mortgage lender who will provide the following services:
- Understanding the current market for reverse mortgages
- Listening and understanding your specific financial requirements
- Answering all your questions regarding the reverse mortgage
Brian Lardner offers exceptional services for getting the best reverse mortgage for all Oro Valley residents.
Call 805-434-5226 to enlist our help in selecting the right reverse mortgage.