Live Retirement the Way Its Meant to Be
Reverse Mortgage - The Loan That Pays You
A reverse mortgage is a type of home loan for seniors ages 62 and older. Qualified homeowners can borrow against the equity in their homes to provide tax-free income. Eliminate mortgage payments by paying off existing loans through proceeds from the reverse mortgage. If you are interested in an FHA-insured reverse mortgage, please call Alexander Pfleger for a free, no-pressure consultation. We hope to guide you through this process as smoothly and as stress-free as possible.
Here are some things to consider before getting a reverse mortgage:
Eligibility requirements: Reverse mortgages are typically available to homeowners over the age of 62 who have significant equity in their homes.
Financial impact: A reverse mortgage may have financial implications, such as reducing the amount of equity you have in your home or affecting your eligibility for certain government benefits.
Interest rates and fees: Reverse mortgages may have higher interest rates and fees than traditional mortgages, so it's important to understand the costs involved.
Loan amount: The amount you can borrow with a reverse mortgage depends on several factors, including your age, the value of your home, and current interest rates.
Repayment: With a reverse mortgage, you do not have to make payments as long as you live in your home. However, you may need to repay the loan if you move out or pass away.
Alternatives: Consider other options, such as downsizing or taking out a traditional home equity loan, before getting a reverse mortgage.
Counseling: Before getting a reverse mortgage, you are required to receive counseling from a HUD-approved counselor to ensure you understand the risks and benefits.
Are you considering a reverse mortgage loan? Contact Alexander Pfleger by calling or texting 619-339-7334, completing our loan application, or requesting a quote. Receive a free consultation today!