There are many types of mortgages available. Most are to purchase a home. Some are forms of refinancing. For seniors, there is a special type of mortgage that can give them cash when they need it. Reverse Mortgage Lenders in Virginia Beach can offer this mortgage.
A Reverse Mortgage Pro is an option for seniors who own a home. This lets the senior use the equity of their home to get a loan. This loan does not require monthly payments. This can be very beneficial to a senior that is on a fixed income. Requirements for this type of loan is that the person must be 62 years or older and own their home. They must also occupy the property as their primary residence. The home must be either paid off completely, or the payments be low enough that the reverse mortgage proceeds will pay it off.
The proceeds from this type of loan can be given to the owner in several different options. They can get a lump sum payment of the entire loan amount. They can also receive monthly annuity payments, if, they prefer. They can also use it as a line of credit. This lets them take what they need, when they want it.
There are no payments required on this loan as long as the person resides there. The loan becomes due when the person moves, sells the home, or dies. The amount of the loan will then become due and the amount owed will be taken from the proceeds of the sale of the home.
A Reverse Mortgage Lenders in Virginia Beach, VA can offer these types of loans to seniors. They can assist with the options they want, as well as, any questions they have about the type of loan. They will only charge interest on the funds that are received. It is then only charged at time of repayment. This can make it easier for seniors to have the funds they need.
This type of mortgage can be very beneficial to retired people. It can eliminate monthly mortgage payments and free up money built in equity. This gives people the opportunity to enjoy their retirement without the stresses of money.
