Tag Archives: reversemortgage

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 independent.

 

The senior’s autonomy becomes a hot topic of discussion once you get to your retirement age. But there are many things that can throw it off balance, which includes your financial circumstances and how it would affect your retirement in general. Fortunately, reverse mortgage is here to help make sure that you retirement goes according to plan. This type of loan can help you keep your financial independence. It offers a lot of benefits including financial freedom.

 

Reverse mortgage loans will offer you several types of freedoms like staying in your house all while remaining as the owner of your home. A reverse mortgage could also offer you another source of income so you can put off dipping into your IRA and other financial assets and lets them to continue growing in value as time goes by. Our product could also assist you from having to depend on your family financially or from moving to a retirement home.

 

Reverse Mortgage and Retirement

 

You still want to feel financial secure when you retire. That can be quite difficult given that your income will be much less than what you used to earn when you when you were still working. Converting a part of your home equity to cash could assist you in solving that issue. But a traditional home loan might not be the best option. You should consider taking out a reverse mortgage loan if you are at least 62 years old. It is a kind of loan that comes with minimal risk but providers you with great retirement relief.

 

Better Repayment Terms

 

One of the benefits of reverse mortgages is their repayment terms. With a traditional loan, you need to start paying the loan as soon as you get the funds. You will be making payments in bits and should do so by certain predetermined schedules. If you miss your mortgage payments could lead to defaulting on your loan as well as loan foreclosure.

 

The repayment terms of a reverse mortgage are different. You don’t have to pay anything beforehand. You also don’t have to pay the loan in full on a certain date. The duration of your loan will be determined by how long you plan to stay in your house.

 

You should consider all the factors carefully before deciding to take out a reverse mortgage Myrtle Beach loan. Understand all the factors involved before making a final decision. You may also consult a reverse mortgage specialist to help you determine if this type of loan is suitable for you.

 

Call Reverse Mortgage Specialist if you need to know more about reverse mortgages.

 

Reverse Mortgage Specialist
Longs, SC 29568
(855) 491-1436
https://www.yourhomeyourequity.com/reverse_mortgage_specialist/

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Can Jumbo Reverse Mortgages Help You During Economic Uncertainty?

Just like with most recessions, the coronavirus outbreak has businesses and investors looking for opportunities to leverage. To put it simply, this is the idea of using borrowed capital or different financial instruments to multiply the possible return. There has been an increase in the interest from CEOs and business executives in jumbo reverse mortgages. A lot of these clients were referred by financial experts looking for a buffer from the economic volatility as well as the loss of income that are being faced now by their clients.

 

Specially designed for homeowners who are above 60 years old with higher home values, jumbo reverse mortgages provide the following benefits versus the conventional HECM reverse mortgage loans.

 

Benefits Of Jumbo Reverse Mortgages

 

Larger lending limits is the first advantage of jumbo reverse mortgages. Traditional reverse mortgages have a limit of $765,600 while a jumbo reverse mortgage loan can give you a loan of as much as $4 million. The amount you will be able to borrow will depend on the value of your house, your age, the interest rates and how much you own on your home.

 

If you take out a jumbo or proprietary reverse mortgage, you can choose to get the full proceeds of the loans immediately. It will be up to you to ensure that the funds will last throughout your retirement. On the other hand, conventional reverse mortgages do not let you to take all of the proceeds in just one time. Full proceeds from the conventional reverse mortgage funds will be spread out over a period of one year.

 

It does not need an FHA approval. Reverse mortgages Myrtle Beach are guaranteed by the FHA generally have higher upfront fees compared to jumbo or proprietary options. Another benefit is lower fees. A jumbo reverse mortgage don’t’ need upfront mortgage insurance, which means it’s a lower cost option for borrowers who are qualified.

 

Generally, those who are interested in taking out a jumbo reverse mortgages are high net worth families or individuals that know the advantages of leveraging housing wealth. Homeowners who are at least sixty years old have built up a record of as much as $7.23 trillion of unutilized housing wealth as of the first quarter of this year, as per the data offered by the National Reverse Mortgage Lenders Association (NRMLA) along with data analytics that came from RiskSpan. Especially in times of uncertainty or during instances where income or cash flow is affected, know the idea of leverage could make a difference in the survivability of someone’s financial wellbeing.

 

Just like conventional government backed HECM reverse mortgages, a jumbo reverse mortgage is a non recourse loan. It means neither the heir nor the borrowers will be liable for any amount of the mortgage that goes beyond the value of the home once the loan is repaid.

 

Another benefit offered by a jumbo reverse mortgage loan is that it can pay off as well as replace conventional mortgage loans, cutting back the burden of a required monthly payment and leading to immediate savings, which is helpful in the situation these days.

 

Call Reverse Mortgage Specialist for more information about jumbo reverse mortgages.

 

Reverse Mortgage Specialist
Longs, SC 29568
(855) 491-1436
https://www.yourhomeyourequity.com/reverse_mortgage_specialist/

 

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Finance Your Retirement Through A Reverse Mortgage

Seniors are given a way to make full use of their home equity through a reverse mortgage so they can finance their retirement. With many people living a lot longer, a reverse mortgage loan can serve as an income in case their retirement savings can not cover all of their living expenses.

 

A reverse mortgage, which is also known as Home Equity Conversion Mortgages or HECM, lets seniors sell a part of the home equity so they can get cash. Through this, they do not have to apply for a home equity loan or even sell the home. Unlike the other kinds of loans available today, a reverse mortgage will not require you to make monthly payments to your lender. Instead, the lender will be the one to give you money every month. You don’t have to pay the money back as long as you continue to live in your house. However, at some point, you will eventually have to repay the loan. If you decide to sell or move out of your primary residence or when you die, the reverse mortgage loan should be paid back.

 

If you are thinking of getting a reverse mortgage loan, you must be at least 62 years old and the house that you are currently living in should be your primary residence. Reverse mortgages come in three types. These are the private reverse mortgages, federally-insured reverse mortgage, and the single purpose reverse mortgages.

 

Let us discuss the first one. The single purpose reverse mortgage Myrtle Beach is designed for one specific purpose only as specified by a nonprofit lender or the government. These may include property taxes, home repairs, or home improvements. This kind of reverse mortgage loan is suitable for people who have low to moderate incomes.

 

The next one is the federally-insured reverse mortgage, which is also referred to as the Home Equity Conversion Mortgages. It is supported by the US Department of Housing and Urban Development or HUD. Since HECM’s are associated with high costs, this kind of loan is ideal for people who plan to stay in their homes for a very long time. If you want to get this kind of reverse mortgage, the first thing you have to do is consult a housing counseling agency that’s been approved by the federal government. You have to talk to a counselor who will explain what reverse mortgage is, its associated cost and its financial implications.

 

How much you will receive from an HECM will be based on several factors like your age, kind of reverse mortgage Myrtle Beach you select, home value, and existing interest rates. If you have a lot of equity in your home then the amount you will get will be higher.

 

The private reverse mortgage, which is the last type, is comparable to that of an HECM. The distinction is that the private reverse mortgage loan is going to be provided by a private lender. The costs associated with it is also higher compared to the government HECM. If you own a house with a higher value, qualifying for a reverse mortgage through a private lender will be easy. You will also have higher chances of getting more cash from this kind of loan compared to that of a government HECM.

 

Call South Carolina Reverse Mortgage Services if you want to know how a reverse mortgage can help you.

 

Reverse Mortgage Specialist
Longs, SC 29568
(855) 491-1436
https://www.yourhomeyourequity.com/reverse_mortgage_specialist/

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