We Can Help You Apply for a Reverse Mortgage in Coral Springs
You’re retired or close to it and you’re looking for ways to have more cash in your retirement. If you have paid off your home or you have a small mortgage, you may want to consider getting a reverse mortgage. Call the experienced team at Ace Mortgage Loan Corporation if you’re thinking about applying for a reverse mortgage in Coral Springs.
A Reverse Mortgage in Coral Springs is a Good Loan Option for Seniors
A reverse mortgage, available only to people age 62 or older, is also known as a home equity conversion mortgage (HCEM). The operative word here is equity, and that’s because you’re allowed to convert part of the equity in your home into cash. And instead of you making mortgage payments to a lender, the lender makes payments to you. Those payments are based on a percentage of the value of your home. A reverse mortgage uses a home’s equity as collateral.
When applying for a reverse mortgage, you will undergo a financial assessment, to make sure you can pay for the following:
- Property taxes
- Homeowner’s insurance
- Homeowner’s association dues (if applicable)
- Basic home maintenance
You- the borrower must continue living in the home, and as long as you continue to do that, you aren’t required to make any monthly payment towards the loan balance. You don’t have to pay back the loan until the home is sold or otherwise vacated. And you have options for withdrawing your money. A reverse mortgage is an excellent way to supplement retirement income.
Call us to make an appointment so we can discuss if reverse mortgage is a good option for you. We’ll give you more details on a reverse mortgage and explain the entire application process to you in person and answer every one of your questions.
When looking for a reverse mortgage in Coral Springs, call the mortgage experts – Ace Mortgage Loan Corporation at (954) 777-4774 and let our team help you put money into your pocket for retirement.