reverse mortgages San Antonio

June 25, 2017

Some benefits of reverse mortgages, San Antonio, TX

Reverse mortgages, San Antonio, TX are one of the options you can take when shopping for home loan. But what exactly are the benefits of this particular type of loan? In this post, we’ll be sharing some benefits that might help you decide whether to go for it or not. No monthly payment required. This is why reverse mortgages are attractive to borrowers. Instead of paying monthly premium, payments are made to you; that is, as long as you live in your home. Indeed, quite different from a traditional forward mortgage. You remain the owner of your home. Contrary to the popular belief that the lender takes ownership of your home, a reverse mortgage allows you to remain as the owner of your property; that is, as long as you comply with the terms of the loan and religiously pay your taxes and insurance. There are several options of disbursement. Lenders recognize the fact that each and every senior has different needs; thus, several disbursement options are available for you to choose from. You can choose to receive funds in full or partial sum, monthly payments, a line of credit, or a combination of any of the options. Housing market protection. If there are market declines mortgage, no worries as you are protected. The reason is that reverse mortgages, San Antonio, TX are insured by the federal government. With federal insurance, there is greater security. If the loan ends up to an amount that is more than the value of […]