There are Many Financing Programs Available These Days for Home Owners. Have You Ever Considered a Reverse Mortgage?
If retirement is in the near future, or finances are getting tight, there are a number of financing options that may present opportunities to ease the burden. Have you ever considered a reverse mortgage? It’s a tool that more and more homeowners are finding beneficial.
Simply explained, this type of mortgage lets you turn your home equity into cash. Whether you’re in a bind financially, or you’re looking for stability, using the equity in your home through a reverse mortgage may be the perfect solution as opposed to other financing. Here’s why.
Your Income (or lack of) Will Not Get in the Way
There are several reasons to get refinanced. Certainly leveraging the equity in your home for cash can be a worthy incentive. One thing a bank will look for in most financing options however, is your income. This is something that with a reverse mortgage, you shouldn’t have to worry about. The focus of the financial institution is the value of the home, not what you make.
Another perk is that any income you receive from a reverse mortgage is not taxable, which means more money in your pockets.
Monthly Payments – No Worries
After securing a reverse mortgage, you won’t be charged mortgage insurance premiums, interest and other fees from the lender. All these fees can create tremendous headaches, as a sizeable amount of the loan amount goes into covering these costs. The loan is paid back with home equity, not ongoing cash flow, so there will be no monthly payments.
You Continue to Live in Your Home
I’ve been told, one of the biggest advantages of a reverse mortgage is quite simple. Your home remains…your home. After all, it’s the place that you’ve invested money, effort and decades of memories.
The ability of keeping a home where you’ve grown to love and cherish remains your own and title remains in your name.
Before making the “traditional” choices associated with There are many more reasons why a reverse mortgage is a great idea. However, the fact that you’re in complete control of the income you’ll be getting is one of the most important things.
If you’d like to learn more about reverse mortgages, I have a number of mortgage lenders that can help. Give me a call at 562-618-9770 and I’ll be happy to help you.
Dave Harbison has been a Real Estate Practitioner in Long Beach and surrounding communities for over 12 years. He regularly contributes to blogs, news outlets and other media, providing insight to home owners, buyers and sellers in the Long Beach, Seal Beach, Lakewood, Sunset Beach, Huntington Beach, Newport, Cypress and Cerritos. Dave Harbison Long Beach REALTOR® Main Street Realtors (562)618-9770 firstname.lastname@example.org DRE:#01475840 — Long Beach Realtor® / Real Estate Agent Long Beach Homes for Sale, Condos and Investment Properties