Reverse Mortgages
Retirement comes with new excitement but also new challenges. It is a time to enjoy family and friends, explore special interests, and cultivate new skills, however, it might be a time when you must learn to live on limited funds.
Too often, retirees are overwhelmed with expenses and in need of some extra income to keep up. Our focus is on helping older Americans live in their own home comfortably by turning the equity in their home into extra cash or a monthly income.
It is important to take your time when thinking about a reverse mortgage, understand your options and discus them with those you trust. We are always happy to sit down with you if you have any questions and find a solution for your personal situation.
For many, a reverse mortgage will be a solid financial decision that will improve their quality of life.
Frequently asked questions
Could you benefit from additional cash?The program provide those who qualify a cushion against unexpected expenses, help to reduce debt Who qualifies?Reverse Mortgages are a unique product available to qualifying homeowners aged 62 years and older. There are no income qualifications. There are no credit qualifications; however, homeowners in active (Chapter 7) bankruptcies may not be eligible. What are the benefits?The program provides easy access to the equity you have built up in your home while still allowing you to own it. It also eliminates the monthly mortgage payments while getting you more cash. |
How much money can I receive?The total amount of money you are able to receive is dependent on a few factors: your age, the home’s value, current interest rates, and the plan you choose. You can count on your loan officer to help you pick a plan that meets your needs. As a general guide, the older you are and the higher your homes appraised value, the more money you will qualify to receive. What does this cost?Most reverse mortgages have similar costs as traditional mortgages, including interest, origination fees, closing costs, inspections and insurance. Why Peoples Home Equity?Experienced Peoples Home Equity loan officers know how important this decision is to you. We want to help by taking the time to explain this unique product so that each and every borrower is completely comfortable with the process. We are confident we can help guide you through the process. |
Want to Learn More About Reverse Mortgages?
Click Here to Learn more about common Reverse Mortgage Myths
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