As a general guide, the older one is and the higher the homes appraised value, the more money they will qualify to receive.
Chicago, IL (PRWEB) April 14, 2014
Reverse Mortgages are a unique product available to qualifying homeowners aged 62 years and older. The loan gives an opportunity to seniors that have unexpected expenses in life to be covered with a loan against their home. This type of loan is becoming handy for those who have regained some equity in their home since the housing crisis but have depleted their savings due to the hardships of high unemployment over the past few years. Seniors may also have a need to better finance their retirement with the equity gained in their home.
There are no income qualifications
There are no credit qualifications; however, homeowners in active (Chapter 7) bankruptcies may not be eligible.
What Are The Benefits?
The program provides easy access to the equity one has built up in their home while still allowing them to own their home. It also eliminates the current monthly mortgage payments one is making while they get cash.
How Much Money Can One Receive?
The total amount of money one is able to receive is dependent on a few factors: age, the home’s value, current interest rates, and the plan they choose. Individuals can count on their loan officer to help them pick a plan that meets their needs. As a general guide, the older one is and the higher the homes appraised value, the more money they will qualify to receive.
What Does This Cost?
Most reverse mortgages have similar costs as traditional mortgages, including interest, origination fees, closing costs, inspections and insurance. However, time may be running against applicants who wait as mortgage rates are on the rise!
Why Peoples Home Equity?
Experienced Peoples Home Equity loan officers know how important this decision is. Their loan officers want to help by taking the time to explain this unique product so that each and every borrower is completely comfortable with the process. The lender is confident it can help guide prospective applicants through the process.
If interested in securing a reverse mortgage, consider speaking with a Peoples Home Equity loan officer today details at: 262-563-4026