A reverse mortgage is a loan program designed to enable homeowners 62 years and older to convert part of the equity in their homes into tax-free cash flow* without having to sell the home, give up title, or take on a new monthly mortgage payment. Instead of making monthly payments to the lender, as with a regular mortgage, the lender makes payments to you.
You are required to pay your property taxes, insurance and any other charges associated with your property. You are required to continue to pay property taxes, homeowners insurance and any other property related charges like you currently do and as you would do with any other loan type. Reverse mortgage loans are not all we do, but they are our specialty.
You are required to pay your property taxes, insurance and any other charges associated with your property. You are required to continue to pay property taxes, homeowners insurance and any other property related charges like you currently do and as you would do with any other loan type. Reverse mortgage loans are not all we do, but they are our specialty.
Services
We've taken great pride to establish our reputation as the best reverse mortgage company that takes care of its customers and values its employees. We work very hard for our senior clients to ensure the highest quality of life during their retirement years. MLS Reverse Mortgage is a leader in the reverse mortgage lender industry.
A reverse mortgage is a loan, secured by a home, where repayment is deferred until a later date, typically when the home sells. There are 2 main differences between a reverse mortgage and a traditional mortgage. With a reverse, the payment stream is reversed. Rather that you making monthly payments to the bank, you are able to receive funds in a monthly payment to you or a lump sum.
In this brief outline, you will find information about reverse mortgages. The information is designed to help you make a good decision as to whether unlocking home equity with a reverse mortgage is a good option for your current situation and financial needs. You have most likely seen the TV ads with celebrity spokespeople promoting the benefits of a reverse mortgage.
HUD requires every prospective reverse mortgage loan borrower to complete a reverse mortgage counseling session. For a list with counselors near you, please contact Pat O'Neil at (855) 500-9260. The items will be provided by the counselor, however, the lender can provide them as well. Loan Comparison - The loan comparison results provide a side by side comparison of available reverse mortgage loan products.
We are developing a Senior Service Resource Directory, featuring service providers throughout WA State. We've found that when seniors are considering a reverse mortgage, they or their family members are often times dealing with additional needs for the senior household. Providers include in-home care, senior movers, Seniors Real Estate Specialist, activity centers, and more.
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