What Is A Reverse Mortgage?
It is a loan available to homeowners 62 years or older that allows them to convert part of the equity in their homes into cash. Those loan payments made to you come from reverse mortgage lenders, or holders of the mortgage.
Over the past decade, reverse mortgages have grown from less than 8,000 annually to greater than 100,000.
While they are similar to home-equity loans, there are several distinct differences. With a reverse mortgage:
- You have to be 62 years or older to quality
- The amount you receive is dependent on your age and the value of your home
- Interest rates play a role in establishing the amount you will receive
As mortgage brokers, we can align you with mortgage lenders serving Surprise and the surrounding area that do not typically charge high fees, who are reputable and have the ability to support the loan.
Call us to learn more about reverse mortgages and how we can assist in finding lenders in the Surprise area that are dependable and reliable.
Benefits Of Reverse Mortgages For The Surprise Homeowner
A reverse mortgage can be a valuable asset and useful tool for retired persons on a limited or fixed income because it doesn’t have to be repaid as long as the homeowner remains in the home.
However, the information surrounding reverse mortgages can be a challenge to analyze. There are reverse mortgage pros and cons that need to be reviewed before proceeding. These are some of the benefits:
- No loan payments required from you as long as you remain in the house
- Disbursements by full or partial sum, line of credit, monthly payments or combination
- Social Security and Medicare benefits are unaffected
As part of your consultation with reverse mortgage lenders serving residents of the Surprise area, the disadvantages will be explained, as well as your borrowing options.
Call us for a consultation to learn more about the potential benefits, and to be as informed as possible about any potential risks.
Reverse Mortgage Lenders For Surprise Residents
It is extremely important for homeowners reviewing reverse mortgages to consult with reverse mortgage lenders that have a record of high integrity and reliability.
Reverse mortgages are possible lifelines for many of our clients over the age of 62, and we want to make certain that each is provided with the necessary tools to make an informed decision.
We can assist you in the selection of a reputable mortgage lender by:
- Aligning you with reputable lenders that are licensed and qualified
- Selecting lenders who understand the complexities of these types of mortgages
- Recommending lenders who have the ability to support the loan
Call Brian Lardner for professional assistance in locating lenders in Surprise and the surrounding area that will work hard to protect your resources. 805-434-5226