We at Senior Reverse Mortgage Group focus exclusively on just that.catering to the needs of seniors seeking the loan instituted to enjoy the golden years when traditional mortgages are not available due to lack of sufficient income, ability to make payments. Income, assets, monthly living expenses and credit history will be verified. This is all we do, so we are able to be knowledgeable of trends, guidelines, new products and ways to serve the senior community at our best.
We have 20 years experience in the mortgage industry, and always strive to be current within the ever changing industry. We have a great deal of experience guiding clients through the process, and want you to be confident in understanding clearly all that is available to you and to understand what is reverse mortgage and how does it work. There is a misunderstanding of reverse mortgage information, and how does it work.
We will answer all your questions! If you are a senior with equity in your primary residence, you may be able to use that equity as a financial tool enabling you to truly be able to pay medical expenses, desire not to be a burden on loved ones, nor to use up all your savings, or to have to sell your beloved home.
We have 20 years experience in the mortgage industry, and always strive to be current within the ever changing industry. We have a great deal of experience guiding clients through the process, and want you to be confident in understanding clearly all that is available to you and to understand what is reverse mortgage and how does it work. There is a misunderstanding of reverse mortgage information, and how does it work.
We will answer all your questions! If you are a senior with equity in your primary residence, you may be able to use that equity as a financial tool enabling you to truly be able to pay medical expenses, desire not to be a burden on loved ones, nor to use up all your savings, or to have to sell your beloved home.
Services
To qualify for a reverse mortgage, the home must be your primary residence.
1-4 family residences, condos, and manufactured homes are eligible, but vacation homes, secondary residences and rental properties are not currently eligible.
However, any existing mortgages or liens on your home must be first paid off with the reverse mortgage loan proceeds before you can receive any leftover funds.
In most cases, the primary reason people take a reverse mortgage is to eliminate their existing mortgage and the monthly payment associated with it.
1-4 family residences, condos, and manufactured homes are eligible, but vacation homes, secondary residences and rental properties are not currently eligible.
However, any existing mortgages or liens on your home must be first paid off with the reverse mortgage loan proceeds before you can receive any leftover funds.
In most cases, the primary reason people take a reverse mortgage is to eliminate their existing mortgage and the monthly payment associated with it.
Reverse mortgages allow borrowers to access a portion of their home equity in a variety of payment options, including a lump sum, monthly installments or through a line of credit.
Of all the different options, the line of credit strategy has been gaining considerable attention from financial planners largely due to its unique "growth feature."
Similar to a traditional Home Equity Line of Credit (HELOC), a reverse mortgage line of credit accrues interest only on the amount that is borrowed.
An advantage of the reverse mortgage credit line, however, is that borrowers are not required to make monthly payments to the lender (although you must still pay your property taxes and insurance).
Of all the different options, the line of credit strategy has been gaining considerable attention from financial planners largely due to its unique "growth feature."
Similar to a traditional Home Equity Line of Credit (HELOC), a reverse mortgage line of credit accrues interest only on the amount that is borrowed.
An advantage of the reverse mortgage credit line, however, is that borrowers are not required to make monthly payments to the lender (although you must still pay your property taxes and insurance).
Boosts cash - Many seniors experience a significant income reduction when they retire.
Monthly mortgage payments are the biggest expense for many.
A senior with sufficient home equity, however, can refinance, pay off an existing regular mortgage, and even pull cash from the property with a reverse mortgage.
You don't have to move - According to AARP, "between 50 and 60 percent of adults age 18-49 say they want to remain in their communities and homes as they age, while nearly 80 percent of adults age 50 and older indicate this same desire."
Monthly mortgage payments are the biggest expense for many.
A senior with sufficient home equity, however, can refinance, pay off an existing regular mortgage, and even pull cash from the property with a reverse mortgage.
You don't have to move - According to AARP, "between 50 and 60 percent of adults age 18-49 say they want to remain in their communities and homes as they age, while nearly 80 percent of adults age 50 and older indicate this same desire."
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