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Convert Your Home Equity Into Cash

The reverse mortgage plan allows applicants to generate cash inflow without selling their house. This plan is only for senior residents, typically 62 years of age or older. Which helps them to manage their expenses after retirement. If you are struggling with your finances you can consider applying for a reverse mortgage in Bay City with PierPoint Mortgage. Our mortgage brokers will guide the best option as per your need with a good and profitable rate of interest. For more information visit our website or simply call us at (616) 208-2860.

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Convert Your Home Equity Into Cash

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  1. CONVERT YOUR HOME EQUITY INTO CASH - REVERSE MORTGAGE W W W . P I E R P O I N T M O R T G A G E . C O M

  2. TABLE OF CONTENT 1 5 About Us How Reverse Mortgages Work 2 6 Reverse Mortgage Why Choose Us! 3 7 Types of Reverse Mortgages Gallery - Happy Clients 4 8 Features & Requirements Thank You W W W . P I E R P O I N T M O R T G A G E . C O M

  3. ABOUT US PierPoint Mortgage PierPoint Mortgage, LLC, was founded in 2003 and have been offering brilliant services ever since. PierPoint Mortgage is a nationwide mortgage broker that has over 50 years of mortgage experience. (989) 601-3411 w w w . p i e r p o i n t m o r t g a g e . c o m

  4. WHY YOU NEED REVERSE MORTGAGE Handling financial hardships can be complicated for senior citizens. However, a reverse mortgage can be a viable solution. It’s ideal when you need regular financial aid during your golden years. With reverse mortgage loans, you can convert part of your home’s equity into cash to manage a range of expenses such as: Paying for medical expenses Money to pay off your existing mortgage Increasing your financial stability Or paying any additional monthly bills

  5. WHAT IS A REVERSE MORTGAGE? In a reverse mortgage, older homeowners receive installments from the reverse mortgage lender, contrary to traditional home mortgages as the homeowners already own the house. Thus, it allows homeowners to withdraw a portion of their home’s equity. It is specifically meant for senior residents, typically 62 years of age or older. These allow senior homeowners to manage their expenses after their retirement by borrowing money using their home as security for the loan.

  6. TYPES OF REVERSE MORTGAGES: There are three types of reverse mortgages you can choose from: Home Equity Conversion Mortgages (HECMs) Proprietary reverse mortgages Single-purpose reverse mortgages Although there are various types of reverse mortgages available in the market, Home Equity Conversion Mortgage (HECM) is the most popular one. At PierPoint Mortgage, our experienced lenders will explain the different types of reverse mortgages and help you find the best one as per your needs.

  7. Before you apply for a reverse mortgage, you should know why it is the ideal choice for you. No need to pay monthly mortgage payments REVERSE MORTGAGE FEATURES No income or credit check required If your home's value increases since you took the loan, you can expect to get additional proceeds by refinancing your reverse mortgage If your home's value decreases when you die while the loan balance accumulated is more, your heirs won't need to pay the difference. The borrower retains title/ownership of the home

  8. REQUIREMENTS FOR APPLYING FOR A REVERSE MORTGAGE Other than your age, you also need to adhere to the following requirements for qualifying for a reverse mortgage: The house must be your principal residence i.e., you should be living in the house for the majority of the time. You must maintain homeowners insurance with regular mortgage insurance premiums. You can also use the loan proceeds from the reverse mortgage to pay the mortgage insurance premium. You must either own your home in your name or mostly paid the existing mortgage balance on the house. If you need a reverse mortgage to pay off your current mortgage, you can use the loan proceeds from the reverse mortgage. You must pay property taxes and should not have any federal debt. The home must be well-maintained and in decent condition to fulfill the required property standards before you can get a reverse mortgage loan.

  9. HOW REVERSE MORTGAGES WORK Whether you choose home equity conversion mortgages, a proprietary reverse mortgage, or a single-purpose reverse mortgage, the process at PierPoint Mortgage is pretty straightforward. Simply follow these steps: Consult with a reverse mortgage expert to find the right mortgage option. Submit your application for the loan. The lender usually reviews the borrower’s property, home title, and appraisal value. Additionally, they may also check your credit history. If you meet the required criteria, the loan will be approved. Borrowers can choose whether they want to receive the reverse mortgage proceeds as a lump-sum payment, fixed monthly payments for life, or a line of credit.

  10. WHY CHOOSE PIERPOINT MORTGAGE? Hiring a trustworthy and reliable mortgage lender is crucial as there are also a few fraudulent lenders who may want to scam you. So, don’t get pressured into any reverse mortgage scams. Instead, take your time collecting accurate information from the best reverse mortgage lenders at PierPoint Mortgage. We are a trusted and reputed name in the mortgage industry with an extensive track record of satisfied borrowers. If you are a reverse mortgage borrower, you can enjoy the following benefits when you choose our services: 1. 2. 3. 4. Streamlined Loan Services Secure Loan Process Fully Licensed Professionals Variety of Loan Options

  11. HAPPY CLIENTS W W W . P I E R P O I N T M O R T G A G E . C O M

  12. Thank You SO MUCH! Presented byPierPoint Mortgage 4300 wheeler Rd. Bay City, Michigan 48706 (989) 601-3411 www.pierpointmortgage.com

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