A Reverse Mortgage is a unique loan for homeowners 62 and over. This program allows you to essentially borrow money from yourself that has accumulated in your increasing home value. Because you are lending yourself money, there is no monthly payment to make on your loan.
The U. S. Government wants you to be able to live in your home as long as possible. In 1989 they formally encouraged this by creating HUD Reverse Mortgage Loans to assist qualified seniors in maintaining their independence. In recent times, lending institutions have introduced a more diversified mix of reverse mortgage products to accommodate the changing needs of seniors. All of these loans are based on your home value, your age and property location. They vary according to interest rate and the amount of equity you are able to withdraw from your home’s value. All are safe and comply with the same standards. All afford the homeowner the opportunity to receive an interview with an outside HUD approved counselor prior to completing a reverse mortgage. It is a simple process.
At Golden Equity Mortgage, we have specialist in reverse mortgages. As such we are able to sort through the different plans and offer seniors the absolute best choice of reverse mortgage products available.
With a reverse mortgage your home can provide you with monthly income to supplement your Social Security and retirement income. Best of all, you won’t have to make any monthly payments for as long as you live in your home. You can also choose to receive special cash advances for home improvements or for any other purpose you desire.
Deciding if a reverse mortgage is the right thing to do is an important decision. Choosing the right lender also is important, which is why Golden Equity Mortgage encourages you to take your time, understand your options, discuss them with those you trust and feel free to contact us for assistance at any time.
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