Reverse Mortgages Help You Enjoy a Better Lifestyle
Courtesy Reliance Mortgage, LIVING WELL Magazine
Reverse mortgages are an excellent financial tool to enhance your senior lifestyle by maximizing one of your greatest resources to remain as independent as possible. With this low interest loan, you can use the tax free money that you have in the equity of your home to reduce bills, pay for medical expenses, take a nice vacation or just enjoy life.
You have earned it.
Through a U.S. Government Insured Program, originally created by AARP, a senior can obtain a loan for approximately 55%-75% of the appraised value of their home. The senior never has to repay the loan in their lifetime, as long as they live in the home. Then when the last surviving spouse dies, the money received (plus interest and closing costs) is repaid by the estate, usually from the sale of the house.
There are no credit score or income requirements for reverse mortgages. To be considered eligible for a reverse mortgage, homeowners must be at least 62 years of age or older. The home must be owned free and clear or any liens that exist, must be satisfied and eliminated with the reverse mortgage proceeds. If there is an existing mortgage balance, it can be paid off at the time the reverse mortgage loan closes.
Why Reliance Mortgage?
Reliance Mortgage CEO Mike Anderson assisted legislators in Austin and was instrumental to the creation of the Texas Reverse Mortgage Bill. Reliance Mortgage closed the first reverse mortgage in Texas, and has closed over 1,300 reverse mortgages since. We will help take you from Step A to Step Z and make the process quick and easy. Loan processing is done in our office, which helps close loans faster. We can close loans within a month so you can have your money and do what you want with it. Reliance Mortgage has been a member of the Better Business Bureau since 1993.
We are committed to helping you find the right mortgage product for your needs. For more information about reverse mortgage loans and which loan option might be right for you, please contact us for a free DVD and no obligation consultation.
Call Reliance Mortgage at 214-360-9000 or visit reliancemortgage.com.