Metro Island Mortgage Helps Seniors With Reverse Mortgage Options

1. Helps Seniors With Reverse Mortgage Options Metro Island Mortgage

2. With the expense of a monthly mortgage, retirement may not seem like an option for those in their golden years who haven’t been able to pad their retirement savings. Metro Island Mortgage can help seniors lower their monthly cost of living with a reverse mortgage loan.

3. Also called a home equity conversion, a reverse mortgage loan enables seniors to stay in their homes without having to make monthly mortgage payments. Homeowners are still responsible for their insurance and property taxes, but the loan allows them to use the equity in their homes without selling. The interest on the loan still accumulates, but payments are delayed until the owner moves, sells the home or passes away.

4. These loans are considered complex transactions and have fixed rules that vary by jurisdiction. Those wishing to pursue a reverse mortgage must go through a financial assessment to determine that they have sufficient income to still afford expenses associated with the property. For seniors with plenty of equity in their homes and adequate means to pay other living expenses, a reverse mortgage may be the path to a more comfortable lifestyle in their later years. Metro Island Mortgage can help determine if this loan is right for your situation.

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