You may be familiar on the facts surrounding a reverse mortgage loan. From the word “loan” itself, you can already conclude that you will owe something to a specific company or person. However, when associated with “reverse”, what is the meaning?
A reverse mortgage loan, or house equity conversion, is available to seniors 62 years old or older. This is designed to aid older homeowners in their retirement years, when their income is not as high as when they were younger and more productive. A reverse mortgage allows the elderly to transform a part of their equity into a certain amount of money. Instant money is available to you without needing to sell your house or paying additional regularly monthly mortgage bills.
Reverse mortgage loans permit senior citizens to access the house equity they have actually accumulated in their houses. With this process, the repayment of the reverse mortgage loan can be deferred until the borrower passes away or vacates the house currently owned. Always remember that this is an amazing opportunity for the elderly to take advantage since not required to make a mortgage payment because the interest on that loan is added to the loan balance itself every month.
If you are still confused on the benefits of what a reverse mortgage loan can provide to you, simply contact me at Strock & Tanner Mortgage Corporation. We are a strong reverse mortgage company in Florida operating since 2002. The experiences we have gathered and the customers we have helped over the years provide a great representation of how we have been servicing our clients well. We are up to date on the constant changes in our field of business. We use the latest technology to close your loan process quickly and properly, conforming to legal and industry requirements. Our professional and experienced mortgage consultants will be very happy to assist you with this matter. What are you waiting for? Call us now and let us arrange a meeting with you.