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A reverse mortgage makes it possible for people in their retirement to access a part of their home equity and continue living in the same property. If you want to upgrade your house, make some chan…
Applying for a reverse mortgage loan as well as qualify for it will not be a difficult task for you when the reverse mortgage lenders will be with you and help you all through the process. Are you looking for a mortgage lender? Choose an experienced one for you.
Tapping Into Home Equity With Reverse Mortgage
I am heading towards my retirement age and while most retirees look forward to this golden period, I am quite worried about how my retirement income will sustain my currently enjoyable lifestyle. There will be the standard living and health care expenses; I have to continue paying the mortgage on my retirement villa in Costa Mesa as well. Will I have to move to a smaller rented place and face a crowded city everyday?
A chance comment from a colleague about his plans to cash in on the equity in his home caught my attention. He gleefully expanded on how a reverse mortgage loan would not only stop his mortgage payments, but the lender will be giving him monthly checks from now on.
I contacted my regular loan officer “Vance Long” at United American Mortgage Corporation for further details. The guy confirmed that reverse mortgages are available to homeowners who are 62 years or older, so I qualified on this count. I could use the money as I wish, but I will still be liable to pay the property taxes, homeowners insurance and other dues.
He told me that the loan balance would increase as I receive the payments and the interest accrued will also be added to the loan. It has to be paid off when I sell the house or even move out to another property. This was not a problem either as I anyway plan to live in my dream home for the rest of my days.
I requested him to go ahead with the loan processing and this has finally put an end to my turmoil. Now I look forward to my retirement with a sense of tranquility.
