CONVERT HOME EQUITY INTO CASH
If you’re thinking about a reverse mortgage for your home, West Coast Mortgage Group is here to help with over 15 years experience and historically low interest rates.
For homeowners 62 years or older, a reverse mortgage allows you to convert part of your home’s equity into cash. Your monthly mortgage payments will stop, and you receive funds as a lump sum, fixed monthly payment or line of credit from your lender. This is a great method of “cashing out” on your home’s value to pay for living expenses or medical bills. You would not need to pay back the loan until the home is sold or vacated.
Who Should Apply for a Reverse Mortgage?
Homeowners 62 years or older who don’t plan to move
Those who can afford to maintain their home (property taxes and insurance)
Those who want to supplement their income into retirement
Homeowners who meet FHA property standards
Advantages of a Reverse Mortgage:
Eliminate mortgage payments for life
You can get paid to live in your home Pay off other debts, upgrade your home
You can allocate extra money into your retirement
Get up to 60% of your initial principal limit
Pay off your existing mortgage
Non-borrowing spouses not listed on the mortgage can remain in the home after the borrower is deceased provided they meet all requirements
Flexible credit guidelines
Disadvantages of a Reverse Mortgage:
Fees and closing costs can be greater than other options
Must maintain the house (pay property taxes and homeowner’s insurance)
Reduces the value of one of your key assets
With West Coast Mortgage Group getting approved for your reverse mortgage is easy. We work hard on your behalf to take care of the details and pride ourselves on creating a simple process for our clients. Which translates into minimal work for you, and a smooth transition into your new home.
We are honored to serve clients in California, Colorado, Florida, Idaho, Maryland, Nevada, New Mexico, Oregon, and Washington and our licensed loan officers’ work on your behalf to lock-in a great rate for your budget.
When you work with West Coast Mortgage Group, you aren’t just working with a great team; you’re also investing in the local community. We care about social responsibility and continuing our efforts to improve the quality of life for our neighbors.
Mortgage Blog Posts
Understanding Interest Rates Buying a home is the largest financial [...]
The gift of the holiday season is being with loved [...]
2020 Has been a year filled with both challenges and [...]
Mortgage Blog Posts
Understanding Interest Rates Buying a home is the largest financial [...]
The gift of the holiday season is being with loved [...]
2020 Has been a year filled with both challenges and [...]