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Our Housing Director, Jen Cosentini is talking about what makes a reverse mortgage such an appealing option for seniors. What is it that seniors can do with the money that they obtain? Please like.
“With so many baby boomers getting older, there is demand for the reverse mortgage business. “They were a good company. That is why I am so happy we were able to work it out with some of their team.
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The homeowner opting for a reverse mortgage can get the money in one lump sum or as a line of credit. This helps him to meet huge medical expenses if any, repay existing debt and plan his investment. This helps him to meet huge medical expenses if any, repay existing debt and plan his investment.
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When it makes sense to get out of your reverse mortgage. If you reach a point where you need a home that is easier to access or navigate – for example moving from a two-story house to a single-story – you might wish to cancel your reverse mortgage. You may have relatives who want to keep the house after you pass away.
A reverse mortgage is a type of home equity loan for older homeowners. It does not require monthly mortgage payments. The loan is repaid after the borrower moves out or dies. Also known as a home equity conversion mortgage, or HECM.
The reverse mortgage is such a realistic vehicle for a lot of people. It’s a line of credit that grows over time and is always available to you when you need it. You may not need it, but it’s there if something happens.
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A home equity loan allows you to borrow money in a lump sum, usually with a fixed interest rate, via the available equity you have in your home. If a reverse mortgage were intended to make a big purchase or pay off a large expense, this might be a better option; however, this loan requires immediate payback.