Reverse Mortgage in Orleans
If you are a homeowner who has been building equity on your property for years, you could be able to access your asset without having to sell your home with a reverse mortgage loan.
To find out how you could benefit from a reverse mortgage, get in touch with the mortgage experts at Borrowing Made Simple. We will help you weigh your options and find you the best reverse mortgage plan that works for your needs.
To get started today, set up an appointment with the top-rated brokers serving Orleans, call (343) 763-2019.
What Is a Reverse Mortgage and How Does it Work?
A reverse mortgage is a loan that you can take out from your home’s equity. It allows qualified homeowners to take advantage of the cash they are sitting on, without having to sell their property. The percentage of your home’s equity you can access, or the total ‘equity release’ is based on the overall value of your property and how much your lender is willing to loan you.
To qualify, you must be 55 years of age or older, and the property must be your primary residence. Your home must also be of a particular value. If you apply and qualify for a reverse mortgage, you must pay off your existing mortgage. Some homeowners will use the reverse loan to pay off their mortgage before meeting other financial responsibilities.
Why Do Homeowners Choose a Reverse Mortgage?
Many homeowners will choose a reverse mortgage to meet pressing financial responsibilities such as:
- Medical bills
- Emergency relief
- Car payments
Others will choose to invest in their property before they sell it in the form of renovations, additions, and home improvements. Regardless of your reasons for taking out a reverse mortgage, make sure you’re able to access the equity to which you’re entitled. Call Borrowing Made Simple to set up an appointment today.
What Are the Advantages and Disadvantages of Taking Out a Reverse Mortgage Loan?
When you get in touch with one of our brokers, they’ll be able to help you understand the risks and benefits involved in pursuing a reverse mortgage loan. Here are some of the larger considerations to keep in mind:
- No monthly payments
- The homeowner can continue to enjoy their home while using its value
- Loan is tax-free
- Higher interest rates
- Prepay penalties
- Outstanding balance is left to the estate in the event of death
Make sure you get the reverse mortgage on terms and conditions that are in your favour and call (343) 763-2019 now.
Invest in a Reverse Mortgage Loan with Borrowing Made Simple Today
The team at Borrowing Made Simple has been helping homeowners make the best mortgage choices for years. We have access to a variety of Orleans lenders and can help you find the best reverse mortgage rates and terms in the area.
Set up a consultation today to find out how you can get the most out of your property assets.
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