Gain Access to the Equity in Your Home
If you own your home and are 62 years or older, you may be eligible for a reverse mortgage. Basically, this allows you to convert part of the equity in your home into cash.
This flexible option was designed to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. There are no restrictions on how you use the funds from your reverse mortgage and this option allows many people to flexibly and easily use the equity in their homes for a wide variety of options.
They call it a reverse mortgage because instead of you making monthly payments to the bank, the bank makes payments to you on the equity accrued in your home.
If you qualify for a reverse mortgage, you will not be required to pay back the loan until the home is sold or otherwise vacated. You simply need to live in the home to avoid requirements to make monthly payments towards the loan balance. You must, however, remain current on property taxes, homeowner’s insurance, and homeowner’s association dues (if applicable).
LifeSource Mortgage will help you utilize the equity in your home quickly and easily. Let us help you with the following:
- Exceptional Personalized Service and Care—As a small, independent, family mortgage company; we care about our clients and our reputation. Serving you is our first priority and we are available almost any day of the week.
- The Best Mortgage Rates—We have the ability to shop interest rates from several lenders and our clients are very satisfied with our rates and responsiveness. Doing so gives our clients the best rate for their situation.
- Increased Chance of Approval—Combining the service of our knowledgeable loan officers with our access to several lenders gives us the ability to find the lender who will offer the highest probability for approval! We work quickly to make sure you get everything you need to get into the home of your dreams.