Reverse Mortgage / No Monthly Payments Home Equity Loan
With the increase of interest rates and inflation, many consumers are feeling the effect of increased prices and the cost of living. There may be a solution that can help without the burden of an additional monthly payment. In fact, in many cases, not only is there no additional monthly payment but the existing monthly payments may be erased as well. The result is a much needed stress relief and the ability to live at the lifestyle that we have been accustomed to while at the same time age in our own home. The Reverse Mortgage may be the answer and the process is very simple.
Many of us feel that our home is our largest asset and have spent many years taking care of it and paying for it. Over the years we may have created quite a bit of equity through our hard work and payments, as well as the increase that property values have enjoyed over the last several years.
Even though we may have quite a bit of equity built up, accessing it may not be possible. If we refinance the property and take the equity out, we will have to make the monthly payments on this loan. This may not be possible, as in retirement, our income’s may have decreased, and a monthly payment would be a burden that may not be in our best interest.
The Reverse mortgage program may be the right solution for this situation. In this program we may be able to access quite a bit of equity and not have to make the monthly payments. The property may still increase in value year after year, and we would not have had to sell it now to access our equity. Therefore, avoiding all the fees and costs associated with selling. Not to mention, where would we live if we sold?
Why do this? We may have debts that need to be paid off, we may want to enjoy our retirement through travel or hobbies, or we may want to help our kids or grand kids. Many of us would like to leave an inheritance behind for our kids, why not give them help while we are still able to watch them benefit and enjoy it.
The other big reason that the Reverse mortgage is very popular has been highlighted during the COVID times. Many of us would rather stay in the security and safety of our homes as opposed to living in a retirement community. The Reverse mortgage may be able to help fund this as well as any other expenses we may need to age at home.
The Reverse mortgage has many benefits and can be customized. The funds may be drawn at once or in smaller increments. The funds received are tax free and may be used as we desire. The ownership of our property stays with us, and we are never forced to payout or sell the property unless we decide to sell, refinance or no longer live there. We just need to maintain the property as we always have, pay the property tax and utilities. Contact us for more details.