Considering A Reverse Mortgage?
Entering retirement age brings with it new challenges…
retirees are looking for new ways to supplement their cash flow in their “golden years.” Whether seeking money to finance a home improvement, pay off a current mortgage, travel, or pay for healthcare expenses, Creative Mortgage Lenders looks to help people meet those needs in new and exciting ways. Consider a Reverse Mortgage.
Who is Eligible?
To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.
With a Reverse Mortgage, since there are no monthly payments, you don't need a minimum amount of income to qualify. You could have no income and still be able to get a reverse mortgage.
FHA / HUD reverse mortgages Facts:
· Must be 62 or older
· Must have little or no money owed on current home
· No asset or income limitations
· No limits on the value of the home used for qualifying for a reverse mortgage
How it works:
No payments required as long as the borrower lives in the home.
The size of reverse mortgage loans is determined by the borrower's age, the interest rate, and the home's value.
A variety of payment options:
· Lump sum payment
· Monthly basis (fixed term or as long as you live in home)
· Occasional payout basis as a line of credit
Reverse mortgage loans typically require no repayment for as long as you live in your home. But they must be repaid in full, including all interest and other charges, when the last living borrower dies, sells the home, or permanently moves away.
How To Apply?
Simply complete the below quick form and a trusted advisor will contact you within 24 business hours: