Mike and Jennifer Rigley (buyers) 916.378.4671 / (sellers) 916-660-5823 Info@RigleyRG.com
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With so many mortgage products available on the market, it can be hard to know which ones will serve you best as a homeowner. As a result, there are many mistruths surrounding the reverse mortgage products. If you've heard of this homeownership option and are wondering what it can do for you, let's clear away some of the misconceptions.
You Must Own Your Home
It can certainly be helpful to own your Elk Grove home outright if you're looking into a reverse mortgage, but it's not actually necessary. Instead, it's important for you to have a high amount of equity in your Elk Grove home so that lenders can be sure that you're a solid financial bet. While the balance you should have on your home varies based on a number of conditions, it's important to talk to your lender for the specific details involved.
Few Conditions Apply
You may have heard that any homeowner who acquires a reverse mortgage must be 62 years of age or older, but because a reverse mortgage is a mortgage product, there are a number of requirements involved in order to apply. In addition to having enough equity in your Elk Grove home, it must be your primary residence and you will have to prove that you can pay the property taxes, insurance charges and any maintenance costs consistently.
Home Ownership Is Relinquished
Due to the nature of reverse mortgages, many people believe that this type of loan gives the bank ownership of your home. However, the homeowner retains ownership because they are borrowing money against the value of the equity in their Elk Grove home. This means that as long as the payments on the home are maintained, the home will continue to belong to the homeowner.
Expensive Loan Fees
While reverse mortgages can come with more expensive rates because the monthly payments are deferred, it's important to talk to a mortgage lender about these details to determine what they'll mean for you. The associated fees will depend on the price of your Elk Grove home, your loan type and your interest rate, so you'll need to be aware of what the costs are to you before moving forward.
There is a lot of information out there regarding reverse mortgages, but it's important to do the research so you can be aware of how this product can benefit you. If you're currently considering this type of mortgage, you may want to contact one of mortgage professionals for more information.
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Looking for a top Elk Grove realtor? Call the Rigley Realty Group today at 916-378-4671 or log on to www.RigleyRealtyGroup.com to start your on-line home search now. Call us today – you’ll be glad you did.
Thinking of Selling a Home in Elk Grove? Buyers Want Your Elk Grove Home for As Little As Possible. Quickly Find Out What your Elk Grove home is Really Worth. Call 916-660-5823 for your FREE, NO OBLLIGATION EQUITY ANANYSIS today. And don’t forget to ask how the Rigley Realty Group sells homes FASTER and for MORE than the average agent
Are you thinking of selling your home in Elk Grove? You should know exactly what it’s worth before making such an important decision.
As top Elk Grove REALTORS®, the Rigley Realty Group can determine the value of your Elk Grove home and perform a quick market analysis, giving you a free estimate of what your home is worth in today’s market.
What’s your Elk Grove Home Worth? Get the true value of your home NOW!
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