Many people have heard of reverse mortgages, but not many know what that actually means. The name itself is part of the confusion as it seems like there isn’t anything which can be reversed in a mortgage in Coconut Creek, FL. Here’s the basics when it comes to reverse mortgages in South Florida. A reverse mortgage is a special kind of mortgage most often utilized by people older than 62 years old. This is for their benefit as most traditional mortgages are paid over a 30 year period, but that’s a problem for someone who probably won’t live for another 30 years. A reverse mortgage is essentially an equity loan where the standard interest is deferred. A standard mortgage involves someone making a fixed monthly mortgage payment for a 30 year period. People with reverse mortgages do not have set monthly payments, rather their mortgage operates on the principle of revolving credit. This means that the amount of credit they have is directly affected by the payments they have made.
Understand how it works? Probably not, but that’s what mortgage companies near Coconut Creek, FL like Ace Mortgage Loan Corporation are here for. Many of the criticisms that surround reverse mortgages are about how confusing they can be, particularly for senior citizens whom the mortgages specifically target. This means that finding a lender you can trust becomes vitally important. Not all mortgage lenders in Coconut Creek, FL can say that they go out of their way to ensure customer satisfaction but at Ace Mortgage Loan Corporation has their client’s best interests at heart.
Hiring a company like Ace Mortgage Loan Corporation for your mortgage in Coconut Creek, FL makes a lot of sense. If you’re looking into a reverse mortgage or any other kind of home loan, then contact the professionals at Ace Mortgage Loan Corporation. Our mortgage loan specialists are standing by to help guide you through every step of the process in order to get you into your new home as quickly and easily as possible. Don’t trust your home loan to any other home loan company in Coconut Creek, call Ace Mortgage Loan Corporation today!
Ace Mortgage Loan Corporation works with clients in:
- Coral Springs
- Coconut Creek
- Pompano Beach
- Boca Raton
- Delray Beach