When the reverse mortgage (otherwise known as senior mortgage) was first introduced, there were a lot of misconceptions about how the loan actually works. There was a lot of fear that seniors would lose their homes and get taken advantage of, which is not the case.
People's home equity knows that this might not be the right loan for everyone, but we are confident that it is a great solution for many seniors who could use a little extra money to supplement their retirement income and live worry-free.
A reverse mortgage allows seniors to:
- Use the equity in their home to get money
- Stay in their home
- Get money to use for home improvements or medical bills
- Supplement their retirement income to help pay everyday bills
- Borrow the appraised value up to $625,000
Since the reverse mortgage loan will lower the amount of equity in your home, we know it is something that shouldn't be taken lightly. We recommend seniors use loans for neccessary expenses such as medical costs and everyday living instead of vacations or shiny new toys. Seniors have also used reverse equity loans to make their homes handicap accessible as they get older, so it can also be used for these types of home improvements.
We want to sit down and help you understand what the loan process is and what will happen to your home. We assure you that you will be able to stay in your home and not have to worry about getting kicked out by the bank. It is important to keep in mind that you will need to pay property taxes and home insurance, but we will make sure we walk you through everything you are still responsible for.
If you are a senior living in Berwyn, Cicero, Oak Park, or anywhere else in the Chicago Illinois are we want to sit down with you one on one and go over all of your options. Give us a call today 708-945-3315 or fill out our quick form to request a free, no obligation consultation.