Reverse Mortgages
Reverse mortgages are a type of home loan available to homeowners who are 62 years or older. With a reverse mortgage, homeowners can convert a portion of their home equity into cash without selling their home. Unlike traditional home loans, a reverse mortgage does not require monthly mortgage payments. Instead, the loan is repaid when the borrower no longer uses the home as their primary residence.
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The loan amount depends on the borrower's age, home value, and current interest rates. Reverse mortgages can be used to supplement retirement income, pay off debt, or cover unexpected expenses. However, reverse mortgages can have higher interest rates and fees than traditional loans and may affect eligibility for certain government benefits. It's important to carefully consider the pros and cons before deciding if a reverse mortgage is the right option for you.
Reverse Mortgage Characteristics
1) Reverse mortgages are home loans available to homeowners who are 62 years or older.
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2) With a reverse mortgage, homeowners can convert a portion of their home equity into cash without selling their home.
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3) Reverse mortgages do not require monthly mortgage payments, but the loan must be repaid when the borrower no longer uses the home as their primary residence.
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4) The loan amount depends on the borrower's age, home value, and current interest rates.
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5) Reverse mortgages can be used to supplement retirement income, pay off debt, or cover unexpected expenses.
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6) Homeowners must continue to pay property taxes, insurance, and maintenance costs while they have a reverse mortgage.
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7) It's important to carefully consider the pros and cons of a reverse mortgage before deciding if it's the right option for you.
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5) Reverse mortgages can be used to supplement retirement income, pay off debt, or cover unexpected expenses.
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6) Homeowners must continue to pay property taxes, insurance, and maintenance costs while they have a reverse mortgage.
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7) It's important to carefully consider the pros and cons of a reverse mortgage before deciding if it's the right option for you.
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I was a clueless first time home buyer who asked a lot of questions and Eric was great all the way through. I had no idea what I was doing but Eric walked me through the process to make it as smooth as possible. When it came time to figure out what type of loan and amounts to put down, Eric walked me through every scenario and showed me the financial impact of every decision. He really worked hard around my busy schedule to ensure I got the best deal out there. I don't think I'd be in my home without guidance and help!
Donald M.
Eric dahlberg was very professional all the way from the beginning to the end. The loan process was explained in details step by step. We (my wife and I) Were first time buyers and had so many questions in the process but eric took care of us very well! We ...
Christian P.
Eric was amazing to work with. He was always available and got everything way more quickly than I expected. I'm extremely satisfied with how my mortgage turned out and he easy he made the process to complete. He was always ready to answer my questions.
Rich H.
Eric helped us throughout the buying process. My wife and I were buying our first home and in a situation where we needed to move quickly due to a renting situation the involved our landlord needing to sale the home we were living in.
Endres Family
Eric was very kind and patient with us. He was very prompt getting back to us with questions, numbers, and pre-approval letters. He tried to get the best deals for us and when he couldn't beat or match another lender.
Vance B.
Eric was absolutely great! He answered all my questions thoroughly and promptly. He was very kind and generous which made me feel a lot better about the process ! He is very knowledgable and would recommend him over anyone ! :)
Zuser.
Copyright ©2021 | The Dahloan Team
Licensed to Do Business | NMLS# 830780
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | NEXA Mortgage
Corporate | NMLS ID NMLS# 1660690
Corporate Address : 3100 W Ray Road #201 Office #209 Chandler, AZ 85226
Copyright ©2021 | The Dahloan Team | NMLS# 830780
Licensed to do business in..
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply
Corporate | NMLS ID NMLS# 1660690
Corporate Address : 3100 W Ray Road #201 Office #209 Chandler, AZ 85226
https://nexamortgage.com