Purchase the Home of your Dreams with a HECM and never make a Mortgage Payment.

A reverse mortgage can be a great way to buy the home of your dreams without having to worry about making monthly mortgage payments. It works by enabling seniors 62 or older who own their home outright, or nearly so, to borrow against the equity in their home and receive either a lump sum, a line of credit, or monthly payments. Seniors can use this money for any purpose, including purchasing a new residence with no mortgage payment obligations. When considering whether reverse mortgages make sense for you or your loved one it is important to understand how they work and whether they are right for you financially. With traditional mortgages borrowers need to make regular payments that typically include principal plus interest; however, with a reverse mortgage there are no required monthly payments and any existing mortgage balance is paid off with the proceeds from the reverse mortgage loan. The loan becomes due when the last borrower dies, sells the home or permanently moves out of it. At this point, borrowers or their heirs can choose to pay off the loan amount with funds from other sources or they can sell the home to cover the debt. For those who are considering purchasing a new home but don’t have enough cash on hand, a reverse mortgage may be a viable financing option.

Visit our Reverse Mortgage (HECM) page for  more information.  https://www.5280loans.com/reverse/

Email: info@5280loans.com

Phone: 833.5280.LOANS