Reverse Mortgages in Kettering
Reverse mortgages are a great, and safe, option for senior citizens, ages 62 or over. If you own your own home, and need extra money, then get a reverse mortgage will help you. It’s a great way to get a lump sum of cash, monthly payments, a line of credit, or anything else possible.
Kettering Reverse Mortgage Benefits
- Keep your house as long as you live. You don’t lose your house
- Loan is only repaid once the borrowers die, or move out of the house, or the house is sold.
- Payments available as line of credit, monthly payments, lump sum.
Kettering Reverse Mortgage Pitfalls
- The reverse mortgage has an interest rate.
- There are costs and fees attached to a reverse mortgage.
- They can affect your eligibility for other types of loans.
- They can impact the inheritance of your heirs.
- It might impact your eligibility for Medicaid, and Supplemental Security Income (SSI).
Kettering Reverse Mortgages are based on
- The age of the borrower is important. The older you are, the more you can borrow. All borrowers have to be at least 62 years of age.
- The property, and the value of the property is important.
- FHA property reverse mortgage limits for your area.
- Current interest rates for your local area.
Reverse mortgages brokers Kettering are programs designed to enable senior homeowners 62 years and older to convert part of their home equity into cash.They can do this without having to sell their home or give up the title. Pick the right reverse mortgage lender to help you.
– Reverse Mortgages, also known as HECM – Home Equity Conversion Mortgage, is a federal program that is insured by the federal government. This program is designer for senior homeowners, and lets them release a portion of the equity of their home. This equity is released to you in the form of a lump sum or monthly payments.
– Reverse Mortgages do not result in you losing ownership of your house or being forced to sell your house. You stay in your house as long as you live or until you sell it.
– Reverse mortgages aren’t free government grants. They are legitimate loans, backed by the government. Reverse mortgages are a mortgage loan and interest is charged.
– HECM Interest rates are at an all time low, in addition getting a reverse mortgage can be an additional source of income. With the aid of reverse mortgages, you can be independant and remain in your house.