Reverse Mortgage Specialist - Columbia

Reverse Mortgage Specialists – Columbia SC
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Reverse Mortgage Lets Your Reverse Your Monthly Mortgage Payment

Homeowners have a lot of questions when it comes to reverse mortgage. One of the most common one is if they can still take out a reverse mortgage if they already have mortgage. Many people believe that the answer to this question ...

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4 Reasons Why Reverse Mortgage Is A Good Idea

You may have already heard about reverse mortgages. Some say that you should steer clear of this type of loan while others say that it’s a good option. There’s no good or bad when it comes to this form of credit because there are several factors tha...

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Can Reverse Mortgage Offer Financial Freedom For Retirees

Your lifestyle goes through several major changes as you get older and one of the most significant ones is when you transition into retirement. Retiring is different from one person to another. But one of their goals is to be financially ...

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Reverse Mortgages Soar Amid Coronavirus Pandemic

Reverse mortgage is getting a second look as a possible alternative source of stability amid the coronavirus crisis, which has caused the 401(k)s to shrink away and the stock market to behave just like an oscilloscope. The growing equity that man...

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What Are Reverse Mortgages Commonly Used For?

One of the most common options for senior citizens is a reverse mortgage. Its popularity is attributable to its ability to provide the homeowner the freedom to utilize the money from the loan in whatever way they choose. Since the homeowner is going ...

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Heloc Market Slowdown Leads To More Reverse Mortgage Inquiries

The originators of reverse mortgages have always lauded the advantages of reverse mortgage options for a few prospects relative to HELOCs or home equity lines of credit. However, the latest changes in the home equity lending environm...

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Reverse Mortgages: The What, The Who And The How

There are different types of home loans on the market. One of which is what we call reverse mortgage. Some people might think that this is similar to a traditional mortgage or home loan. The only similarity is that both are loans against a borrow...

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Can Homeowners Use Reverse Mortgage As A Source of Retirement Income?

Seniors in the United States are sitting on a whopping $7.19 trillion in housing wealth. Although it wasn’t part of balanced retirement plan, reverse mortgage could be an effective way of funding retirement. Tapping home equit...

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Seniors Use Reverse Mortgage As Cash Lifeline Amid the Coronavirus Outbreak

The global economy is taking a beating from the coronavirus outbreak and investment portfolios are also taking a hit. Although all these bring unpleasant news to investors, the most affected ones are retirees who rely o...

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60 Years of Experience

The Basics Of Reverse Mortgages

In today’s economy, many seniors are struggling to live a comfortable life even if the government gives them their pension. In most cases, seniors don’t have enough financial resources to support themselves and have difficulties providing for their medical expenses, home repairs, home maintenance, and social security contributions. They tend to have an expensive home that does not give them the needed advantages to keep up with their way of living. They have the option to apply for a loan using the equity of their home. However, the amount they need to pay on a monthly basis along with high interest rates could only worsen their financial situation. 

Fortunately, there’s another option and it is referred to as reverse mortgages

What You Need To Know About Reverse Mortgages? 

It is a process that provides you the luxury to convert your home’s equity into cash. But with reverse mortgage, you don’t have to worry about making payments every month. Reverse mortgage is a promising program for several senior citizens who are in great need of a source for steady cash flow. In order to prove that, you just have to check out the statistics showing the significant rise of reverse mortgages every year. 

You also have the option to get payment in three forms when you get a reverse mortgage in Columbia. You can get it through a single lump sum, credit line account, or payment every month. 

Three Types Of Reverse Mortgages 

Single purpose reverse mortgages are commonly provided by non-profit groups which includes the state or local government. It is the most affordable kind of mortgage you can apply for. However, it comes with a disadvantage and that is you have to qualify for a certain income requirement. 

Proprietary reverse mortgages is a kind of mortgage that is linked to private companies and has minimal qualifying restrictions. However, the borrower need to pay an upfront fee. 

HECMs or the home equity conversion mortgages are extremely popular because it’s the only kind of mortgage that can guarantee that whatever’s been promised by the loan shall be provided. This kind of mortgage is supported by the government. 

Other Requirements Of Reverse Mortgage 

  • The applicant must be 62 years old to be able to apply for a reverse mortgage loan. 
  • You need to the primary occupant of the house. 
  • You can pay off the small mortgage balance from the loan proceeds that you receive. 

The amount that will be provided to you on a monthly basis will be based on several factors. These factors include the location house, the age, and the price value of the property. To put it simply, each amount that you are provided with lessens the equity value of your home. And it is also crucial to note that the overall loan amount can’t go beyond the value of the equity of your home. 

The calculations could be quite confusing. This holds true for most people especially for seniors. However, you don’t need to worry about your age. You can find a lot reverse mortgage calculators on the web. All you need to do is type the phrase and you will get several links that could provide you with the online calculators that you need. 

Once you get the facts straight and you are well prepared, your senior years could very well be the best years in your life. 

Reverse Mortgage Specialist

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