What Is A Reverse Mortgage in Sayville NY?

By
Mortgage and Lending with The Mortgage Outlet NMLS # 36861 NMLS # 3458 & NMLS 217190

What Is A Reverse Mortgage in Sayville NY?

Reverse mortgages in Sayville New York are a way for senior citizens to leverage the equity in their homes without incurring extra monthly payments. It sounds too good to be true, but it’s really simple to understand how this works..

 

A reverse mortgage in Sayville New York is similar to a home equity loan in that it allows you to borrow against the money you have already paid toward it. The difference is that you don’t have to pay it back until you move out, sell the home, or die. That means that you get the benefits of a home equity loan without the burden of making more payments.

 

You can receive the proceeds from a reverse mortgage in several ways. You can get a lump sum like you do with most loans. You can get a set amount of money each month. Or you can get a line of credit that you can borrow against as needed. The flexibility of how you get your money is one of the most popular features of the reverse mortgage.

 

To qualify for a reverse mortgage, you must be a homeowner who is at least 62 years of age. There are also certain requirements that your home must meet. Some manufactured homes, dwellings with more than four units, and cooperative housing are not eligible.

 

The amount of money you can get from a reverse mortgage depends on how much equity you have in your home. If you have an existing mortgage, the proceeds of a reverse mortgage must be used to pay it off. But if you qualify for more than you owe on your home, you can still receive funds from the reverse mortgage. If you qualify for less than you owe, you will have to make up the difference yourself. The advantage would be no longer having a monthly mortgage payment.

 

Another key advantage of reverse mortgages in Sayville NY  is the lack of an income requirement. Most loans require recipients to make a certain amount of money in order to qualify. But because you do not incur a monthly payment with a reverse mortgage, you can get one even if you have no income at all. You also don’t have to worry about losing your home, because no payments are required as long as you live in it.

 

Reverse mortgage proceeds can be used in any way you see fit. Many seniors use them to make needed repairs or additions to their homes or to pay property taxes. But there is no limit to the ways you can use the money from your reverse mortgage. It can be used to simply help make ends meet, pay off existing debt, cover health care costs, or even to buy a new car or take a vacation.

 

A reverse mortgage must be paid off once the owner dies or ceases to live in the home. This usually requires that the house be sold. So it’s important to discuss this with your children if you plan to leave the house to them.

 

If you are a senior citizen, a reverse mortgage in Sayville NY can help you with any money troubles you may have without requiring you to make another monthly payment. It can help you pay for big-ticket items, consolidate debt, make ends meet, or avoid foreclosure.

If you would like more information about the reverse mortgage process and how it can help you live out your retirement without the stress of financial burdens please call me or one of my team members at 631-589-3600 or send an email here: david.bailey@themortgageoutlet.org

We will be happy to provide a complete complimentary analysis of the amount of money you could expect to receive from the best available products.


Comments (1)

Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Hi David Bailey and Erika Bailey 

Thanks for an interesting post about Reverse Mortgages!

We wish you great success with your blog posts and networking with other members of Active Rain!

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Jul 21, 2016 01:49 AM