Homeowners have a lot of questions when it comes to reverse
mortgage. One of the most common one is if they can still take out a
reverse mortgage if they already have mortgage. Many people believe that the answer
to this question is no. But the truth is, reverse mortgage allows its borrower
to reverse their existing mortgage payment. The borrower no longer have to make
monthly payments because they can use the proceeds from the reverse mortgage to
end their mortgage once and for all.
Reverse
mortgage loan is federally guaranteed. It is also a regulated program which
means there are some restrictions. This type of loan is created to use the
equity of the house, but there are restrictions to how much a reverse mortgage
could produce and how much of the mortgage could be paid off. One excellent way
to find out if a reverse mortgage will perform well for you is to determine if
your current mortgage is below 70% of the appraised value of the house. That’s
the maximum lending limit for many cases. You don’t have to worry because our
reverse mortgage will give you the exact figures of how much you can borrow.
The loan proceeds you get from the reverse mortgage should
go towards paying off your existing mortgage. You can use the remaining cash
any way you want but only after you’ve paid off your mortgage. This must be the
goal of those who wish to take out a reverse mortgage especially if they still have
a large home equity loan. One advantage
of a reverse mortgage is that it can remove the existing mortgage and the
cash that was supposed to be used to pay off the first loan can be used for a
different purpose. Another benefit is that reverse mortgage loans won’t require
the borrower to make monthly repayments for as long as you live in your house.
Benefits of Reverse Mortgage
Reverse mortgage is a loan product that’s especially useful
to get rid of monthly mortgage payments as well as payments for medical bills,
medicine, and credit card debts. This type of loan came from Europe. It has
been extremely famous financial assistance in other countries like France,
Germany, and England for the past 35 years. Even though the United States has
perfected the administration and safety of the loan in the past 15 years, its
popularity still skyrocketed in the last ten years. It has reached a point
where it is now experiencing a 200% growth from every year to the next in the
number of retirees or seniors who are signing up for a reverse mortgage program.
Reverse mortgage Greenville is an affordable, safe, and free financial strategy
that doesn’t affect any income or government benefits. It also protects the
house from default as well as foreclosure and provides relief to seniors who
have been feeling stressed over their monthly mortgage payments.
Call David Stacey if you need more information about
reverse mortgage.
David Stacey
Reverse Mortgage Specialist
Greenville, SC 29607
864 920 2733
http://reversemortgagegreenvillesc.com/
Reverse Mortgage Specialist
Greenville, SC 29607
864 920 2733
http://reversemortgagegreenvillesc.com/
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