Reverse Mortgages
As we have said many times on The Easterbrook Team, having a home is your best investment vehicle. In retirement, having a home opens up additional options that renting retirees can only dream of. A reverse mortgage is a unique loan for 62 year and older home owners that works just the opposite of a traditional “forward” mortgage. Instead of paying your monthly mortgage payment from your savings, it is paid for with the equity in your home.
Reverse mortgages generally are not used for vacations or other “fun” things. The truth is that most borrowers use their loans for immediate or pressing financial needs, such as paying off their existing mortgage or other debts. Or they may consider these loans to supplement their monthly income, so they can afford to continue living in their own home longer.
Homeowners that take advantage of a reverse mortgage can obtain a single disbursement option, a fixed monthly cash option, a line of credit option, or a combination of all three, depending upon the borrower’s equity and age.
If you know of someone considering the reverse option, have them call us at (916) 850-6050 to provide them with options. We’d love to help them and be part of the solution to their retirement plans.
Reverse mortgages generally are not used for vacations or other “fun” things. The truth is that most borrowers use their loans for immediate or pressing financial needs, such as paying off their existing mortgage or other debts. Or they may consider these loans to supplement their monthly income, so they can afford to continue living in their own home longer.
Homeowners that take advantage of a reverse mortgage can obtain a single disbursement option, a fixed monthly cash option, a line of credit option, or a combination of all three, depending upon the borrower’s equity and age.
If you know of someone considering the reverse option, have them call us at (916) 850-6050 to provide them with options. We’d love to help them and be part of the solution to their retirement plans.
We have the official reverse mortgage consumer booklets approved by HUD!
The National Council on Aging is a respected leader and trusted partner to help people aged 60+ meet the challenges of aging. This booklet will help you understand the benefits and challenges of this funding option. Stop by our office to pick up a copy or you can email us for a PDF copy.
Inquire today to start your reverse mortgage!
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