Want to know the truth about what a reverse mortgage is?
Want to know how you can benefit or qualify for a reverse mortgage?
Homeownership is as patriotic as apple pie. A home is a sanctuary, a place to relax, a place for life, a place for the family to gather, and a place of comfort to call one’s own. Though the importance of a home has always held true, the coronavirus pandemic has underscored the value of a home not just symbolically, but practically. The fact is, we are spending more time at home now than ever. This is true of people of all ages but is especially critical for the demographic of retirees. Americans over the age of 65 express an overwhelming desire to remain in their homes for the full duration of retirement. However, the expenses of owning a home in retirement especially can add up. A reverse mortgage is one option for homeowners over 60 who want to continue to enjoy the comforts of their own homes.
Homeownership is a coveted status that many work towards their whole life. Homeowners over 60 in retirement deserve to finally enjoy their successes and staying in their home is a big part of that. However, homeownership is not always easy; there’s a lot to keep up with and the finances can be overwhelming at times. A borrower may risk foreclosure if they do not maintain the property or keep up with paying property taxes and homeowner’s insurance. As more and more people are spending time in their homes due to the coronavirus pandemic, the importance of home modifications and the value of financing tools such as a reverse-mortgages and other options are becoming very clear.
A reverse mortgage is a mortgage loan, secured by a residential property, that enables the borrower to access part of the unencumbered value of the property. The loan is used by homeowners over 60 and it offer flexible mortgage payments or even no required monthly payment. In essence, a reverse mortgage allows a homeowner to convert part of a home’s equity into cash without having to sell the home or incur additional monthly bills. While this may sound great, a reverse mortgage can be complicated and is not without a downside. For example, a reverse mortgage may use up a portion of the equity in your home, leaving fewer assets for you and your heirs down the road. There are also restrictions on who qualifies for a reverse mortgage; the primary borrower must be a minimum of 60 years years old and must have enough home equity to qualify. Therefore, it is important to work with a trusted mortgage advisory firm like SMPL Mortgage to understand the complete picture.
SMPL Mortgage is a generational lending leader in mortgage financing. We simplify these complex financial processes through education, seminars and a personal approach that meets our clients’ needs whatever life stage they are in. We believe in people and their potential and we work to make your dreams of financial freedom possible. Homeowners over 60 can benefit from strategies and solutions for cash flow, lifestyle, and protection, aligned with retirement income planning. There’s no one reason to take a reverse mortgage, and there’s no one person for whom the loan is the “right” option. At SMPL Mortgage we will work with you and your individual needs, goals, and life circumstances, to find the right mortgage solution for you. We are committed to the highest integrity in the complex process of mortgage finance, building trust and confidence while partnering with us. Our innovative approaches and passion for education make us trusted leaders in the field. To find out more about how we can help you stay “Home Through Retirement”, contact us now here.