Understanding all the terms and availability of mortgage options can get challenging when it comes to owning a home. Thankfully, with the help of the top-rated Long Beach mortgage broker, Long Beach Home Loan, we’re here to help provide you with all the answers to any questions you might have about mortgages.
Have you ever heard of a reverse mortgage? Are you wondering what it might entail? Well, search no further. We will give you all there is to know about reverse mortgages in this article.
What Is a Reverse Mortgage?
For homeowners 62 or older with considerable home equity, there is the option to take out a reverse mortgage. Simply put, a reverse mortgage is a loan borrowing against the value of your home.
When you set up a reverse mortgage, you have the option to receive the funds as follows:
- Line of credit
- Fixed monthly payment
Reverse Mortgage vs. Forward Mortgage
In a forward mortgage, those that are used to purchase a home initially, you are required to make loan payments. Alternatively, homeowners do not have to make these payments in reverse mortgages.
The loan balance will become due and payable under the following circumstances:
- The borrower sells the home
- The borrower moves away permanently
- The borrower dies
Finding a Top Rated Long Beach Mortgage Broker
If you think you fit the criteria and are interested in learning more about reverse mortgages, it’s time to reach out to a top-rated mortgage broker in your area.
You can always ask a trusted real estate agent to refer a mortgage broker. Otherwise, if you are looking to skip the hassle of researching on your own, you can reach out to Long Beach Home Loan to speak with one of our qualified mortgage brokers today.
Call Long Beach Home Loan Today!
Finding a mortgage broker that is a good fit for you is not always easy. Rather than add to the mortgage process’s stress by searching for a qualified mortgage broker, give us a call at Long Beach Home Loan to speak with one of our brokers today.
At Long Beach Home Loan, we have the same critical tools and mortgage products as the larger banks but are a family-based local business that focuses on serving our clients, not the corporation.
Long Beach Home Loan is a well-versed business with customized services to help you with all of your home loan advising needs. Call us at 562-340-9453 or visit us online for a FREE evaluation of your real estate needs.
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