Looking for Jericho, NY Reverse Mortgage Adviser? Is a Reverse Mortgage Right for You? Get the facts from a qualified reverse mortgage originator. A reverse mortgage can be an effective tool for giving seniors additional cash to live on using the equity in their home. However, it is not a decision to be taken lightly. It's important to work with an experienced originator who can help you assess your unique situation to determine if a reverse mortgage is right for you.
Questions about reverse mortgages? A reverse mortgage is a unique loan that allows homeowners 62 years of age and older to draw on the equity in their home, which is paid to the homeowner in cash.
The unique aspect of this loan is that it does not require repayment until the homeowner no longer resides in the residence.
Homes eligible for a reverse mortgage include single-family homes, detached homes, townhouses, and two-to-four unit properties that are owner-occupied. Condominiums must be FHA-approved
People often ask Why shouldn't they choose a bank home equity loan instead of a reverse mortgage? Reverse mortgages are popular because they pay cash that does not need to be repaid as long as you remain in your home. On the other hand, attaining a home equity loan (or a second mortgage) requires you have sufficient income to cover the debt—plus, you must continue to make monthly mortgage payments. With a reverse mortgage, you do not make monthly mortgage payments and the federally insured loan protects you from foreclosure. By the way, your house does not have to be paid off for you to qualify for a reverse mortgage and it is not required that you meet an income or credit criteria. Plus, you will continue to hold the title to your home.
If you are in Jericho, NY and are looking for Reverse Mortgage Adviser, please call 516-750-9727.
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F 9AM-6PM
Weekend Closed
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