What Is A Reverse Mortgage?
Reverse mortgages enable Glendale, AZ homeowners 62 and over to convert some of the equity in their homes into cash, which can be used to pay for medical needs, everyday living expenses, home improvements, holidays, or to improve the quality of retirement life. With reverse mortgages, seniors in Glendale do not have to take on any new monthly mortgage payments. However, they are still required to pay their homeowners insurance and property taxes.
In this type of loan, the reverse mortgage lenders make payments to the senior homeowners in Glendale, instead of the seniors making monthly payments to the lenders. In order to qualify for reverse mortgages, the borrower in Glendale must:
- Be 62 or older
- Have the home ownership
- Occupy the property as the principal residence
Our goal is to help Glendale seniors understand reverse mortgage pros and cons, and whether or not this type of loan product is right for their financial situation.
Benefits Of Reverse Mortgages For The Glendale Homeowner
Do you need to pay off debt, fund medical expenses or help out your grandchildren? If you are a homeowner in Glendale, reverse mortgages may make your retirement life more smooth and enjoyable. Benefits include:
- Receive payments instead of making them
- Retain the title to the property
- Social security or Medicare benefits will be unaffected
Reverse mortgages can be a complex transaction, and therefore, you need a dedicated mortgage broker to help you understand your options and to find you right reverse mortgage in the Glendale area.
Reverse Mortgage Lenders For Glendale Residents
Homeowners in Glendale, AZ should hire us to find the right reverse mortgage because we believe you deserve the best deal at the best price possible. Whether you wish to use reverse mortgages to pay bills, or to improve your cash flow, you will enjoy a financial independence with a loan that is safe and secure.
Borrowers in Glendale can choose the way they receive reverse mortgage proceeds to meet their financial needs and essentials. Proceeds can be obtained in the form of:
- A lump sum
- Monthly payments
- A line of credit
- Any combination of the above
As mortgage brokers, we specialize in helping seniors supplement retirement income. With extensive experience, we have developed the ability to analyze and structure the right reverse mortgage for our Glendale clients.