PROVIDING A PERFECT OPPORTUNITY FOR EVERY ELDERS
Financing your retirement has never been so easy! Supplementing your retirement right under your own house with the reverse mortgage. Learn more about the different types of these loans.
Boise Reverse Mortgage Specialize In
Despite the concept and practice of reverse mortgages, it is best to understand how this type of loan works. It is an agreement which allows 62-years old homeowners to borrow part of their home’s equity.
When you apply for a reverse mortgage loan, instead of the homeowners make payments to the lender, the lender makes the payments to the homeowners. The homeowner gets to choose from many reimbursement options on how to receive the loan amount.
Home equity is the value of your house, which is the actual market value of your property minus the mortgages you still owed. Or if on the other hand, if a homeowner already pays the full amount of the property, then the total market value of the property will be the available home equity he can borrow.
SECURE YOUR RETIREMENT
When your loan is approved, the money you’ll receive is tax-free. In line with this, the borrower will remain the owner of the property. The payment for the loan will be, when the homeowners decided to sell the house, the home’s sale will go to the lender to repay the reverse mortgage loan.
Or in some instances when the borrower dies, the heir can choose to pay the mortgage to keep the home themselves. In addition, any sales beyond the amount borrowed will proceeds to the homeowners, if still living. In short, the home is collateral for a reverse mortgage.
To be eligible for a reverse mortgage, there are certain criteria a homeowner must meet and follow:
Although there are several numbers of good features that come with a type of loan, a reverse mortgage can be appealing for people who want or need to secure retirement funds. There are also some good points to consider before making a decision. You must know that a reverse mortgage are
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Serving Boise, The Treasure Valley and all of Idaho. We help our clients understand the benefits of Reverse Mortgage Loans and why it may be a useful tool in retirement.