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Reverse Mortgages

The benefits of a reverse mortgage are many:

  • No monthly payments for the life of the owner, no matter how long the time period may be even if the value of the house decreases, unless he or she decides to sell, at which point the loan may be repaid through the selling price or through other funds as the borrower chooses.
  • A reverse mortgage credit line provides a guaranteed monthly income which has the potential to increase as the length of the borrowing period increases.
  • The homeowner has a reserve in case of unexpected or irregular expenses.
  • A guaranteed monthly income provides freedom and independence.
  • Money from a reverse mortgage is not considered income and will not need to be counted as such on the borrower’s taxes. Also, it will not interfere with Social Security and Medicare.

Apply Here – Check out our short form – free quote request

If you are looking for a second mortgage without monthly payments and are over the age of 62, a reverse mortgage may be a perfect fit. A reverse mortgage is a loan base on the value of a home that requires no monthly payment until the owner moves or dies. The loan is paid off when the house is sold after the move or when the estate is settled after a death. Since there is no monthly payment, a reverse mortgage is relatively painless. Income has little to do with qualifying so borrowers who would not meet the criteria for many other loans would still be able to acquire a reverse mortgage. Fill out our short form to contact a reverse mortgage expert.

Reverse mortgages can be set up in many different ways. The homeowner can choose an immediate cash advance, a monthly advance, a line of credit or a combination of all three. Depending on the lender, a homeowner can choose which option to take based on his or her need. With some lenders an immediate cash advance will provide the highest total loan. However, other lenders will give more if the money is taken over a longer period of time. That period of time is up to the homeowner. Unlike home equity lines of credit, reverse mortgages are open until for the life of the homeowner dies.

Apply online to take advantage of these benefits today.

 


4 Loan Offers – One Application
  • Expert lenders compete for your busines with low rates and great loan terms
  • Poor to Excellent credit borrowers welcome – low rate mortgage loans
  • No mandatory credit check – let only the lender you choose check your credit
  • Free evaluation of your borrowing options in a no obligation setting
  Need Cash? Considering a Home Equity Loan? Why not get cash out from your equity and refinance in one process. Select ‘Refinance’ on the application and specify your ‘Cash-Out’.
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Reverse mortgages can be setup to give immediate cash or an income on a monthly basis. If you are an elderly homeowner who would like to use your homes value as your nest egg for retirement you can turn it into a source of monthly income… Home equity can be obtained as a home equity loan or as a home equity line of credit. With a home equity loan you take out a one time amount and with a home equity line of credit you can take out continually over time… Mortgage brokers make finding loans to suit individual needs their business. Experienced mortgage brokers can obtain good interest rates from banks for your credit history and debt to income ratio…
A second mortgage is similar to a home equity loan because the size of the second mortgage you can obtain is usually based somewhat upon how much equity you have built up in your home to give you borrower credibility… Bad credit refinancing is a great way to take advantage of all time low interest rates. Financial Expo can refer to you a qualified mortgage broker in your area that has key bank connections to get you the best rates possible…

A bad credit mortgage is possible with the help of a veteran mortgage broker. Expo Financial can connect you with help that is specialized in helping clients with less than perfect or bad credit…

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