1 / 7

Facts you should know about reverse mortgage

Do you know what a reverse mortgage is? No, this isn't a problem; it's why we've come. It's critical that you understand what a reverse mortgage is so that you can consider it as an option if you ever need a house loan, but only in certain situations. for more information contact us: https://pierpointmortgage.com/reverse-mortgage-lenders/<br>

pointmortgage
Download Presentation

Facts you should know about reverse mortgage

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Facts You Should Know About Reverse Mortgage

  2. What is a Mortgage? A mortgage is basically a home loan that you take from a lender to buy a house or a flat and then you pay a partial amount with interest every month till the time complete amount is covered. This gives you relief from the headache of paying the full amount at once. It lets you prepare your monthly budget so that you can adjust the loan amount in it and control your other expenses

  3. What is a Reverse Mortgage? It is a loan for homeowners who are 62 years old or above. Unlike a traditional mortgage, they do not have to repay the loan taken by the lender until the owner dies or the house is sold. The loan is given in exchange for equity or its partial part. After any such demise, the lender sells the property and covers the amount that was given to the borrower.

  4. A reverse mortgage is not the same #Facts A reverse mortgage also known as Home Equity Conversion Mortgage (HECM) is a very unique and different kind of loan for homeowners who are 62 years old or above. This loan helps to convert your equity or a portion of it into cash and you do not have to pay the loan back until and unless you leave the house or you fail to follow the terms and conditions accordingly Whenever you consider this loan as an option, make sure that you make the right decision because once if you take this loan, there is no moving back till the time you sell the house or die.

  5. Pay for basic needs after retirement This loan is mostly taken by elder people and is not for any kind of fun or vacation. Usually, oldies take the loan either to repay the existing loan taken or to fulfil their basic needs and continue living in their own house. This money acts as a supplement to the pension that they get after retirement and helps to make their life easy There is only one amount that these reverse mortgage borrowers have to pay while taking the loan and that is the FHA mortgage insurance premium. This insurance is basically a guarantee that the lender will receive the expected loan payment.

  6. Get counseling before choosing a reverse mortgage You might face difficulties in deciding about the reverse mortgage because it is very hard to tell about the time you will stay in the same house or die. always take suggestions and get counseling done by a good and government-approved counseling agency because only a well-trained and certified counselor can help you get the estimates and costs that you are required to pay and can tell you whether reverse mortgage suits you or not.

  7. Contact Info www.pierpointmortgage.com frontdesk@pierpointmortgage.com (844)-241-7720

More Related