The City of Baltimore, Maryland has a somewhat competitive housing market. Homes typically go for the listing price at an average sales price of $122,200. The average home value is around $152,180. At this value, a borrower in Baltimore with a fair credit score may be eligible for a loan upwards of $70,000.
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One of the worst feelings is to find that your retirement savings and social security aren’t enough to pay your bills or expenses. A reverse mortgage could be exactly what you need to unlock your financial freedom. At South River Mortgage, we’ve been helping seniors acquire their reverse mortgages for years. Here’s what you need to know about our services in Baltimore.
It’s important to understand how a reverse mortgage works in Baltimore before you choose one. A reverse mortgage is different from a traditional mortgage. With a standard loan, you have to pay the loan back with some interest. That isn’t the case with a reverse loan. Because it’s based on the equity of your home, you don’t have to pay it back for as long as you remain in the home.
Instead, your children or estate, sell the house after you’ve passed to pay off the loan. This allows you to safely use the equity of your home without worrying about paying the loan back afterward. You can also choose to make monthly payments at your own pace if you are interested in preserving as much equity in your home as possible.
Receiving a reverse mortgage in Baltimore can unlock financial dreams. If you’ve ever wanted to start investing, then using the money from the loan could allow you to do that. Or you could just use it to cover your bills and live comfortably. A reverse mortgage can give you peace of mind.
If you’re looking for a reverse mortgage company in MD, then you need to consider our reverse mortgage brokers. Our brokers are unlike other reverse mortgage brokers in Baltimore because we always utilize multiple resources. Having a plan catered to your needs is vital to ensure that when your house is sold, its sale can cover the loan.
You can trust in our reverse mortgage brokers in Baltimore. We work with our borrowers by educating them about reverse mortgage loans and remaining transparent throughout.
Another reason the lenders we work with are the best is that we have multiple lenders that offer different types of loans. Some reverse mortgage loan types are better suited for investing while others are better suited for just paying the bills. No matter what you want to do with your money, we have the right plan for you.
If you want the best reverse mortgage in Baltimore, then it has to come from us. Give our team a call today to learn more about the application process and how an equity mortgage can help.
HUD-Approved Counseling Agencies in Baltimore, Maryland
|SOUTHEAST COMMUNITY |
|(410) 342-3234||SUITE 200 3323 EASTERN AVE |
BALTIMORE, MD 21224-4109
|HARFORD COUNTY |
|(410) 638-3045||15 S MAIN ST STE 106 BEL AIR, |
|HOMEFREE - U S A||(301) 891-8400||3RD FLOOR6200 BALTIMORE AVENUE|
RIVERDALE, MD 20737-1054
|HOUSING INITIATIVE PARTNERSHIP,|
|(301) 699-3835||SUITE 555 6525 BELCREST ROAD |
HYATTSVILLE, MD 20782-2003
How a Reverse Mortgage Works
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Have questions about the reverse mortgage? Are you not sure if this is the right program for you? Speak with one of our trusted reverse mortgage advisors today
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