What Is A Reverse Mortgage?
Many seniors lack the funds necessary to live a comfortable and quality retirement life. Reverse mortgages can be valuable financial tools for helping El Mirage, AZ seniors enjoy a more secure retirement.
Reverse mortgages are unique loans that allow eligible homeowners in El Mirage to convert a portion of their home’s equity into money, without the need of paying monthly mortgage payments. In order to qualify for reverse mortgages, El Mirage citizens must:
- Be 62 years and over
- Be the owner of the house
- Use the house as a primary residence
- Have sufficient home equity
At Crown Mortgage of the West, our goal is to educate El Mirage borrowers of the potential reverse mortgage pros and cons. We can also align you with the right reverse mortgage available in the El Mirage area.
Benefits Of Reverse Mortgages For The El Mirage Homeowner
One of the clearest advantages of reverse mortgages is that El Mirage homeowners still retain the home ownership and continue to control what happens to their home. Every benefit of being a homeowner will remain with them. This includes paying for their homeowner’s insurance and property taxes.
There are many different ways El Mirage homeowners can elect to receive their proceeds from reverse mortgages. This include:
- A one-time lump sum cash payment
- Monthly cash advance installments
- Combination of the above two
Since no two retirees have the same needs, our knowledgeable brokers can help you create a customized solution to meet your income needs. We can compare terms and offers from different reverse mortgages to help our El Mirage clients find the best possible deal.
Reverse Mortgage Lenders For El Mirage Residents
Our team has extensive experience in helping El Mirage residents find the right reverse mortgage. It is important that any reverse mortgage lenders you work with are not overly pushy sales people who use pressure tactics to close a deal.
When we speak with you, we first discuss your present and future financial plans. We also fully discuss with our El Mirage clients the reverse mortgage pros and cons. Some benefits of choosing us to find your reverse mortgage in the El Mirage area include:
- Full transparency
- We shop different loans for you
- No pressure to secure a loan
- Honest opinion
- Excellent customer service
If you are a homeowner in El Mirage, and would like to find out if reverse mortgages are the right loan product for you, contact Brian Lardner today at 805-434-5226. We look forward to speaking with you.