Many people want to spend their retirement in the homes they love, but many seniors worry about if they can afford it. Luckily, reverse mortgage lenders in Ferndale make this possible! A reverse mortgage allows you to stay where your heart is and still have a rich life when retired. A reverse mortgage is a loan available to Ferndale seniors over the age of 62. It can be used in place of monthly payments and you are free to pay us as much or little as you want, whenever your heart desires!

Ferndale Reverse Mortgage - What They Are and How They Work

Many people, including myself once thought it was too good to be true. I'm here to tell you that a reverse mortgage in Ferndale Maryland is not at all like the ones we see on TV with elderly homeowners begging for help bestateuse they can't afford their bills anymore and are struggling financially. These loans have been insured by {FHA} since 1988 when Reagan passed regulations in order protect these vulnerable families from predatory lenders preying on seniors who don't understand the risks of signing up for this loan type or misrepresenting information without telling them about certain hazards such as foreclosure fees and tax consequences before finalizing anything. Getting a reverse mortgage is not something that everyone in Ferndale Maryland wants to do. It can be confusing and there are many misconceptions about the process.

Should You Apply for a Ferndale Maryland Reverse Mortgage?

A reverse mortgage, also known as a home equity conversion loan (HECM), is a type of loan available in Ferndale Maryland that allows seniors to convert some or all of the equity in their homes into cash. Reverse mortgages are often attractive to people who want access to money without selling their houses, and without having to pay any interest on the loan. A reverse mortgage isn't a free loan. Homeowners in Ferndale Maryland are responsible for paying it back, but they do it at their own pace while living at the home. When the homeowner decides to sell the property or move out, then they will be required to pay the loan back. In the case of death, the heirs of the property can decide whether they will pay back the remainder of the loan or sell the property.

What is the First Step When Applying for a Reverse Mortgage in Ferndale MD?

A reverse mortgage can provide seniors with a number of benefits. A reverse mortgage is actually a mortgage loan that is available in Ferndale MD that provides the borrower access to equity in their home and are repaid over time, usually monthly. With these loans, you don't need to make payments or pay interest until the end of your life or when you sell your home. You do still need to pay taxes, insurance, maintain the property and live in it as your primary residence. You may choose to receive all of the proceeds in one lump sum which would be paid out at closing, take monthly distributions from your account, or use money as needed for living expenses and/or healthcare needs through the line of credit. The details of a reverse mortgage in Ferndale MD can be complex, but if you qualify and want to apply for one there are some very common documents that may need. These include your ID card or driver's license, social security number (or an award Statement), current bank Statements from the home with the loan on it as well as other property taxes owed; in addition depending on what they're looking for they might also ask about tax returns from previous years.

Call Me - I Am Happy to Help

The following passage is about a process of applying for a Reverse Mortgage in Ferndale MD: "Applying for this type of loan in no different from any other mortgages." I want to help you find out if a Ferndale MD reverse mortgage is the right choice for your financial needs. I will provide information and answer any of your questions, so call me today! A reverse mortgage can be a comprehensive solution for those who are struggling to find the money they need. For example, if you plan on staying in your home and don't want to sell it or take out another loan but still require extra funds then this is right option for you! Seniors deserve to live the life they want with dignity. And we're on a mission to make sure that happens! Call us today for more information about loans tailored just for you and your future needs.

I work together with senior home owners in these areas too: Glen Burnie, Linthicum, Brooklyn Park, Baltimore Highlands, Lansdowne Among the most important things to our potential customers is the fact that we’re local and that they can speak to us face to face. That makes a lot of sense simply because applying for reverse mortgage is a big decision.