Reverse Mortgage
At Planatek, we’re here to help you make wise financial decisions. A reverse mortgage is a loan that you don’t have to repay until you sell your home. It is withdrawn from the equity you have built in the value of your home, so if you’ve built equity in your home and are over the age of 62, this option may be available to you. You can borrow against your home and live debt free!
How do i get a
Reverse Mortgage?
There are various requirements that must be met to qualify for a reverse mortgage, such as an age requirement of 62 years old. As for the rest of the requirements, the financal professionals at Planatek can help decide whether you qualify. The interest rates are variable, based on a number of factors including age of the occupants and current market conditions. Reverse mortgages are beneficial because borrowers don’t make any monthly payments toward their loan balance, leaving more funds available to enjoy retirement.
The principle limit is the amount you can borrow. It varies based on the age of the youngest borrower (or an eligible non-borrowing spouse). Current interest rates factor in as well as your home’s value. In general, the older you are, the lower the interest rates. Older borrowers tend to get higher principle limits. And, you’ll never owe more than the home is worth.
There are three types of reverse mortgages. Proprietary reverse mortgages are private loans. They’re not backed by the government and often come with a larger loan advance. Single-purpose mortgages are available from some state and local government agencies and non-profit organizations. The loan can only be used for one specific purpose. Home Equity Conversion Mortgages are federally insured; while the upfront costs are higher, they can be used for anything.
Reverse mortgages are beneficial because borrowers don’t make any monthly payments toward their loan balance, leaving more funds available to enjoy retirement.
get a
Reverse Mortgage from Planatek
Our reverse mortgage specialists help select the loan that works best for you. We’ll provide all the fine details and guide you every step of the way, so you get the most out of your reverse mortgage. Contact us to find out if you’re eligible for a reverse mortgage loan today!
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Sharing our knowledge and expertise comes natural to us. Our team is friendly, compassionate, and ready to start working with you. Consult with us at no cost to see what we can do for you. Whether you’re just starting out, looking for your perfect vacation or investment home, or planning for retirement, meet with us and we’ll see how we can improve your financial outlook. Contact Planatek Today!