Even though he says his wife occasionally teases him about what he spends on pens that have his contact information on them, Bruce Simmons, reverse mortgage manager at American Liberty Mortgage, Inc..
How a reverse mortgage works including eligibility and qualification requirements, different loan programs and the proceeds you receive from a.
Reverse mortgage counseling can be completed over the phone or in person. Reverse mortgage counselors will explain how reverse mortgages work, including payment options, costs, tax implications, benefits and drawbacks. After completing the mortgage counseling session, you will receive a certificate that lenders require as part of the loan.
Meet the reverse mortgage. Getting a reverse mortgage is a lot like selling your home to a lender in exchange for money (in the form of a lump sum, an income stream, or a line of credit) while.
Reverse Mortgages. A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home. You only repay the loan when you die, sell your home, or permanently move away. Homeowners who are at least 62 years old are eligible.
Most reverse mortgages have variable rates, which are tied to a financial index and change with the market. variable rate loans tend to give you more options on how you get your money through the reverse mortgage. Some reverse mortgages – mostly HECMs – offer fixed rates, but they tend to require you to take your loan as a lump sum at closing.
Typical Reverse Mortgage Terms How Does a Reverse Mortgage Work. A reverse mortgage is a loan made by a lender to a homeowner using the home as security or collateral. With a traditional mortgage, the homeowner uses their income to pay down the debt over time.
Discover how a reverse mortgage allows you to be more comfortable in retirement – Call toll free 866-553-4539 For Your Free Reverse Mortgage Info Kit
Reverse Mortgages. If you’re a homeowner age 62 or older, a reverse mortgage could be right for you. For more information about reverse mortgages, please contact Brian L. Mahone, Reverse mortgage specialist. brian specializes in reverse mortgage education and consultations for senior homeowners and their families and professionals in the field.
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