Traditional Reverse Mortgage
Are you looking for the best way to turn your home equity into cash? For seniors aged 62 and older, a reverse mortgage can ensure financial stability for many years to come.
If you have avoided looking into a reverse mortgage in the past due to your own preconceived notions, or the opinions of those in your sphere of influence, now’s a good time to research them further. Due to recent changes, the product has become a safer and more responsible retirement tool. Many people are well into their retirement years before they realize that they don’t have as much financial stability as they planned or before they face substantial unanticipated expenses, such as medical bills. We will help you determine whether or not a reverse mortgage is a good fit, and if so, when is the best time to utilize one. We even have detailed guides available to answer any question you may have.
Click below to read more about how a reverse mortgage might provide the financial freedom you deserve.
Reverse Mortgage Purchase
Did you know that you can purchase a home using a reverse mortgage? Due to Congress authorizing the reverse mortgage to be used as a purchase loan in 2008, you aren’t alone in not having heard about it before. For the right individual, it can be a great cash flow or liquidity tool.
The HECM for purchase aka reverse mortgage purchase is much like a traditional reverse mortgage. It does not require a monthly principal or interest payment as long as you live in the home as your primary residence and keep current on the property charges.
Why would you use this type of financing versus a conventional loan or cash purchase? We take an in-depth look at each option in our reverse mortgage purchase guide. You can compare each option and weigh the pros and cons, specific to your financial situation.