What Is A Reverse Mortgage
A reverse mortgage is a loan type that is available to homeowners who are 62 years or older. It allows them to convert the equity in their home into one of the following or a combination of the three: -A lump sum payment - Monthly income - Line of credit
The product helps people that want to tap into the equity in their homes and use the money as they want to use it. This loan is called a reverse mortgage because it is the opposite of a traditional mortgage. Instead of making monthly payments to a lender, the lender makes payments to you as the borrower. You are not required to pay back the loan until the home is sold. As long as you live in the home, you are not required to make any monthly payments towards the loan balance, but you must remain current on your property taxes, homeowners association dues and insurance.
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WHAT ARE THE SENIORS SAYING WHO HAVE TAKEN OUT REVERSE MORTGAGES?
According to an AARP survey of 1500 seniors who had obtained a reverse mortgage, is that reverse mortgages may be more practical than most realize. The following is how those 1500 seniors responded to the AARP survey:
WHAT ARE THE SENIORS SAYING WHO HAVE TAKEN OUT REVERSE MORTGAGES?
According to an AARP survey of 1500 seniors who had obtained a reverse mortgage, is that reverse mortgages may be more practical than most realize. The following is how those 1500 seniors responded to the AARP survey:
95% reported that a reverse mortgage partially to fully met their financial needs
93% reported that their reverse mortgage had a positive effect on their life
94% reported a greater peace of mind
87% answered that they had a better quality of life
89% described having a more comfortable lifestyle
100% satisfied with our customer service
Copyright ©2021 | The David Steckel Team
Licensed to Do Business in GA
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | Steckel Loan Company
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Corporate Address : 5559 S Sossaman Rd, Bldg 1 Ste 101 Mesa, AZ 85212
95% reported that a reverse mortgage partially to fully met their financial needs
93% reported that their reverse mortgage had a positive effect on their life
94% reported a greater peace of mind
87% answered that they had a better quality of life
89% described having a more comfortable lifestyle
100% satisfied with our customer service
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Copyright ©2021 The David Steckel Team | NMLS# 24841
Licensed to do business in Georgia.
This is not an offer to enter into an agreement. This is not a commitment to make a loan. Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products are subject to credit and property approval. All approvals are subject to underwriting guidelines. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. NEXA Mortgage, LLC is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.
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