Are you a senior who needs income to supplement your retirement income? Are you on a fixed income? Sometimes with conventional retirement plans, it’s still hard to make ends meet. But there’s an answer: reverse mortgages with low interest rates. Contact Avrus Financial today to get information on reverse mortgages for seniors, because a low mortgage rate may solve your monthly income worries. Get a quote today!
There are many advantages to reverse mortgages that make them helpful to seniors and/or retired persons.
- Reverse mortgages help you use the saved equity in your home to supplement your retirement income and daily needs.
- Reverse mortgages can also allow you to turn your home equity into cash for anything (such as vacations, home improvements, consolidating debts, or maybe even a special project or purchase).
- As long as your home remains your primary residence and you are keeping the home maintained (property taxes paid, HOA fees paid, insurance paid, property in good repair), then you won’t have to make another mortgage payment again.
- You can even apply online to get the ball rolling!
So how much cash can you get from a reverse mortgage? That’s determined by a number of factors:
- Your age (you must be over 62)
- The value of your property
- Your current mortgage interest rate
- The lending limit in your county of residence
Reverse mortgage rates are not available for vacation homes, or income or investment properties. But if what you’re looking for is a way to stay comfortably in your own home, then a reverse mortgage might be for you!
The fine print
The most common reverse mortgage available today is called a Home Equity Conversion Mortgage (HECM) loan insured by the U.S. Department of Housing and Urban Development (HUD).
After you’re approved for a reverse mortgage, there are several options from which to choose:
- Term: You’ll receive fixed cash installments for a specific time.
- Tenure: You’ll receive a fixed cash payment for as long as you live in the home.
- Line of credit: You can draw cash from the loan proceeds at any time in the amounts you need until the line of credit has been used up.
- You can also have a combination of monthly advances and a line of credit.
Does this sound like the answer to your financial worries? It could be. Call 800-741-4004: we can answer any questions about which mortgage rate quotes and options of reverse mortgage rates would be right for you and give you additional information about a reverse mortgage.
Reverse mortgage loan advances are not taxable and usually won’t affect your Social Security or Medicare benefits; you’ll always keep the title to your house.
A reverse mortgage has a lower loan rate and some great benefits:
- No payments (Our customers tell us that this benefit has made their lives much more manageable)
- Cash back (You can get cash at closing if you have equity in your home, with the choice of one lump sum or scheduled installments)
- Counseling included (There is a requirement for counseling by a third party to be sure this is right for you; we’ll give you a list of approved agencies to consult)
Reverse mortgages are just one of the many home loan products available to our customers. We’ve helped thousands of individuals and families with their mortgage needs, and we can help you.
Why not ask us how… today?