Michael Santos

MLB Residential Lending

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Considering a Reverse Mortgage Loan? Here’s What You Need to Know

March 24, 2015 by Michael Santos

Considering a Reverse Mortgage Loan? Here's What You Need to Know Many seniors are looking for a great way to improve their financial situation. Retirement or semi-retirement can be difficult due to the need to live on a fixed income. Some may have been unable to save enough in their working years, or their accounts may have been hit hard by stock market fluctuations. Still others are feeling the effects of inflation and the rising costs of medical care and general living expenses. If you are like many other seniors, you may not have a huge cash reserve available in your bank account, but you may have a sizable nest egg in your home. The fact is that you can tap into that equity without selling your home or taking on a mortgage payment when you apply for a reverse mortgage.

What Is A Reverse Mortgage?

A reverse mortgage is a unique type of loan that utilizes the current equity in your home and allows you to make regular withdrawals from that equity. Rather than you making a payment to a lender, the lender pays the funds to you. The terms of the mortgage are structured so that you will never owe more money on the reverse mortgage than the home is worth. When you decide to sell it or when your estate is being settled, the home’s value will pay off the mortgage. This essentially gives you the opportunity to keep living in your home and to use the equity now when you need it most.

Is This The Right Option For You?

A reverse mortgage is not suitable for everyone, but it may be suitable for you. You can easily learn more about the amount of payments that you could receive on a monthly basis if you were to apply for a reverse mortgage, and you can consider how these payments would ease your financial concerns. This loan will decrease the amount of equity you have in your home over time. Therefore, if you have plans to sell your home later and use the equity for other retirement plans, you should carefully consider if the reduction in equity is feasible for your situation and goals.

One of the best steps that you can take is to learn more about this option. You will not know if a reverse mortgage is suitable for your financial needs and long-term goals unless you take the step of speaking with a loan agent.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgages, Reverse Mortgages

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Branch Manager Executive / Mortgage Loan Originator

Top Loan Originator Since 2001

Call (908) 296-6608

NMLS #199875
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MLB Residential Lending, LLC.
NMLS# 1101220
1095 Morris Ave.
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Union, NJ 07083

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Michael Santos is not licensed in NY and this site is not intended for NY loans.
Michael Santos NMLS #199875 • MLB Residential Lending, LLC. NMLS# 1101220. Michael originates NJ loans only. MLB Residential Lending, LLC. is located at 51 Commerce Street, Springfield, NJ 07081, 732.243.0140. MLB Residential Lending, LLC. NMLS#: 1101220 is a residential lender, licensed by the NJ Department of Banking and Insurance; licensed by the PA Department of Banking and Securities; licensed by the CT Department of Banking; licensed by the DE Dept. of the Banking Commissioner; and is licensed under the FL Mortgage Lender Service License # MLD1128. All rates are subject to change without notice. MLB in no way, claims to represent or to conduct business on behalf of HUD, the FHA or the Federal Government. This site is not authorized by the New York State Department of Financial Services. THIS SITE IS INTENDED ONLY FOR NJ CONSUMERS.

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