Have you been affected by COVID-19? Are you scared your house might be facing foreclosure? Do you have outstanding debt from medical bills or do you simply want a better retirement plan? Stop stretching your fixed income to make ends meet until it feels like you’re robbing Peter to pay Paul. There is a solution.
South River Mortgage is working towards a better future for the senior community who are 62 years or older. Our company offers Home Equity Conversion Mortgage (HECM) reverse mortgages that have been increasing in popularity with seniors.
A HECM reverse mortgage is the only loan of its type that is federally insured by the Federal Housing Administration (FHA). This program was designed for seniors to supplement their incomes and stay in their homes. A reverse mortgage will allow you to access the equity in your home and turn it into tax-free cash.
The amount of proceeds available depends on your age, home’s value, and the market’s interest rates. The good news is that home values have never been higher and interest rates are near an all-time low so you will be able to access a greater amount of proceeds. Not only that, but you can choose how you want to receive your money.
We understand that everyone has different financial goals. You’ve been paying for your home for years. It’s time to make your home for you. Let’s get you your money by:
- A lump-sum payout
- Monthly payments for a fixed time period
- Monthly payments for as long as you remain in your home
- A flexible line of credit
- A modified plan based on your needs.
A reverse mortgage allows you to retain full ownership of your forever home. You can choose to make monthly mortgage payments. If you run into a month where you are tight on money and choose not to make a payment there is no penalty. It is completely up to you. However, be mindful that you still have to pay homeowners insurance, property taxes, and home repairs.
We understand your struggle and your frustration. Stop struggling with your expenses. You deserve the life you’ve always dreamed of. Why worry about your retirement when you can be free from your financial burdens? Take control of your life by applying for a reverse mortgage today at South River Mortgage where you can obtain peace of mind.