Reverse mortgages have become vastly popular in the past decade. Many people today have lost a lot or little money in their investments, such as the stock market, or other forms of investments which has caused reverse mortgages to become a back up plan for many. There are many ways to take advantage of reverse mortgages. One being you could receive monthly payments from your home for the rest of your life. For example if your property is worth $300,000, and you currently have a mortgage of a $100,000 on the property, and you qualify for an additional $100,000. You could choose to do whatever you like with the additional $100,000. You could ask the bank to pay you whatever amount you wish each month until the $100,000 has been used up. Another option is to take all the money up front in one lump sum. You also have the option to put the money in a creditline that will accrue a positive interest for you as long as it sits there (Interest varies based on product). Or you could do a combination of all three options. You could ask for $50,000 of the money in one lump sum. Put $20,000 in a creditline, and receive monthly draws from the remaining $30,000 each month. With reverse mortgages you have the capability to manage your money and do all the things that you couldn’t otherwise do if you were to not utilize the equity in your home. Many seniors purchased their homes many years ago and have a lot of equity in their home but are cash poor. This program allows those individuals to do what they wish with their equity.
We have several loan specialist here that could help you with whatever situation or scenario you are in. We pride ourselves in being the most competitive in the business. We offer fixed rates at 5.56% with more cash out than any other bank. We have a triple A rating with the better business buruea, and beat any other companies closing costs guaranteed! If you should have any questions about obtaining or learning more about reverse mortgages please feel free to call us at 888-820-2627.