Let us help take the confusion out of deciding to get a reverse mortgage here in Silver Spring MD. You will be able to speak with one of our qualified specialists who will ask you a series of questions and then make recommendations for your best course forward based on what they find in their evaluation. A reverse mortgage offers homeowners in Silver Spring MD a way to get rid of their monthly mortgage payments. With the current financial struggles for many, it is not hard to see why people would want this type of freedom in retirement. Sometimes you may need cash every month such as when there are extra expenses or emergencies that come up unexpectedly and your income doesn't cover them all; other times you might just be curious about how the loan will work with your overall plan going into retirement - we're here to help figure out which one applies best for you!
Benefits to a Reverse Mortgage in Silver Spring MDA Silver Spring MD reverse mortgage will usually get paid back when the home is sold. The most notable feature of this loan is it's voluntary payments, which means you don't have to make them if you choose not too! Reverse home loans have lots of options but at their core they're just loans. In other words, there are many ways to structure the loan so that it meets your needs today as well as into the future. Another really neat feature of the reverse mortgage Silver Spring MD is that you can change how your mortgage will be designed whenever you want. For example, if you initially started out with the line of credit option. You would convert all or a portion of the line of credit into monthly payments. And if things change financially, you could convert the unused funds back into a line of credit.
Should You Apply for a Silver Spring MD Reverse Mortgage?The vast majority of homes that would qualify for a reverse mortgage in Silver Spring MD have certain qualities such as single family, manufactured homes where you own the land, townhomes and multi-family dwellings. Condos can qualify if your HOA satisfies FHA requirements. Homes with unusual features like dome or A frame structures may not be eligible to apply either bestateuse they don't meet specific qualifications set by the Department of Housing & Urban Development (HUD). If your home is in disrepair it will likely disqualify from eligibility too unless there are special circumstances revolving around rehabilitation plans. The vast majority of homes that would qualify for a reverse mortgage are single family homes in Silver Spring MD, manufactured houses where you own the land. Townhomes and multi-family properties also qualify as long as your HOA meets certain FHA requirements. Condos can even be eligible if they meet certain criteria by having an HOA with some basic rules in place to maintain quality standards. Homes which do not have sufficient structural integrity or lack maintenance may also fail inspection and therefore will not be approved for this loan program option at all.
Are Reverse Mortgages in Silver Spring MD Worth Applying for?All reverse mortgage loans available in Silver Spring MD are regulated by HUD and insured by FHA. Everyone who applies are required to satisfy specified monthly income and credit requirements to be approved for the loan. If you get approved for the loan, there are multiple ways to access your money. When it comes to retirement, your needs are unique and every person handles their finances differently. A reverse mortgage can provide Silver Spring MD seniors with the financial security that they need as well as take some of the stress out of planning for a financially secure future.
Give Us A CallThis loan allows them to pay off other large expenses without having to worry about what will happen to their home. If you plan to move out of your home in Silver Spring MD within the next few years, this loan is not right for you. There are closing costs which you must be prepared for if you plan to leave. All applications must meet the income and credit qualifications to be considered for this loan. 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.
For all home owners not living in Silver Spring I also operate in all these areas: Takoma Park, Four Corners, Forest Glen, Langley Park, Chillum We’ve discovered that the majority of senior homeowners wish to deal with someone local. This makes a whole lot of sense considering that choosing a reverse mortgage is a major decision.