A Guide to Reverse Mortgages: An Ideal Senior Mortgage Option
Main benefits of reverse mortgages
Reverse mortgages are great options for people looking to increase their monthly income with a flexible loan option. Unlike many loans, reverse mortgages allow the borrower to utilize the borrowed funds in any way they see fit, as there are no spending restrictions. Furthermore, such loans also give borrowers the added benefit of not having to move in order to utilize their property’s equity. As such, borrowers can receive an increased monthly income without the hassle of moving.
Who is eligible for a reverse mortgage?
In order to be eligible for a reverse mortgage, the borrower and their property must meet the following criteria:
- The borrower must be 62 years of age or older.
- The home must either be a single-family home, a one-to-four-unit home, a townhouse, a condominium, or a manufactured home built after June 1976.
- The home must be used as the borrower’s primary residence.
- The borrower must keep the property in good working condition.
- The borrower must continue to pay necessary fees related to the home, such as property taxes, homeowner’s insurance, and homeowner’s association dues.
Who should get a reverse mortgage?
Reverse mortgages are ideal for older homeowners with high-value homes. Essentially, the older the borrower is and the higher the value of the home, the more money the borrower can utilize and the lower their interest rate will be. If you’re interested in taking out a reverse mortgage, consider utilizing Streamline Mortgage as your lender. We’re one of the most trusted reverse mortgage, hard money, and private lenders in Nevada, so you can rely on us to provide transparent and reliable financial relief. For more information regarding our services, contact us today.