If you have considerable equity in your home, you may be able to convert that asset into income. Reverse mortgages are special home loans designed with seniors in mind. Payments are made to you, and as long as you live in the home, the loan never has to be repaid.
Reverse mortgage can provide you with cash today — with no requirement to ever pay it back for as long as you live in your home.
- Taking a lump sum
- Establishing a line of credit to use as needed
- Arranging a combination of the above options
If your needs change over time, your payout schedule can change, too.
If you permanently leave the home, the balance on your reverse mortgage becomes due. Selling the home itself can pay for this—any remaining equity belongs to you or your heirs.
Window of Opportunity for Jumbo Borrowers
To simplify the reason why let’s put it this way: jumbo borrowers are generally very safe, and loans to them are a profitable bet for large banking institutions. These large banks want as many Jumbo borrowers and loans as possible. The result is a very competitive market for jumbo loans at the current time.
Condos: A Solid Step Into Homeownership
Before you dive in feet first, get a basic understanding of how condominium ownership differs from owning a single-family home or a townhome.
Feel free to contact us with any questions you may have regarding these loan products.
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This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Loans are subject to credit and property approval. Other limitations may apply and not all products are available in every state. Availability of programs is subject to change without notice. Please contact me for more information.