How Much Money can you get in case of Reverse Mortgage
How Much Money can you get in case of Reverse Mortgage?
Today, reverse mortgage is a very commonly chosen loan plan, specifically popular amongst older homeowners. Reverse mortgage is a mortgage loans that aims to provide you with the free-of-debt value of your home. This way, many old homeowners ensure security and safety in their old age.
If you too are in search for a reverse mortgage and are unsure of where to start from, get in contact with INSPIRECS, who can guarantee to deliver you the most reliable and suitable reverse mortgage plans.
How much money can you get?
This is a big question most potential borrowers have regarding reverse mortgage. The amount of money you get with a reverse mortgage depends on 3 important factors that include:
- Interest rates
- The age of the youngest borrower
- The mortgage plan/program you have selected
Usually, you can expect a 40 to 60 percent of your home’s actual value, however, this is subject to change considering the above mentioned factors.
There are various ways of getting a payment through reverse mortgage that you can choose from. These include the following:
- Line of credit
This payment method is the most reliable, guaranteed method that will also increase the monthly payments given to you as time passes. Line of credit payment method refers to you accessing the money only when you choose to or need to. This can help you save up a lot for a rainy day, and gives you full freedom as to when or not you need to take the payment. It is a popular choice of payment method amongst borrowers who would like to save up or do not necessarily require the amount instantly.
- Term and tenure payments
This payment method is very self-explanatory by its name, as it refers to a method of payment where the borrower is given fixed payments over a fixed period of time or a “tenure”. The payments continue for as long as you live, or choose to reside in the home on mortgage.
- Lump sum
This is a good choice of payment method if you are in need of a huge amount of money all together. Lump sum payment method lets you access all the proceeds of the loan all together at once. However, if you are looking for something that is more long-term, then you might want to re-consider this choice.
- Home purchase
If you have any plans of relocating and selling you old home, this is the most appropriate plan for you. The home purchase plan works by letting you sell your own home, using the money from the sale and any other personal savings or source of income, and use that money to combine with your loan. This can give you a greater buying power.
If you are a Looking for Reverse Mortgage Leads and are looking for clients who would qualify for one and would be interested in getting a Reverse Mortgage then you should reach us at www.inspirecs.com or call one of our sales representatives at 1-800-986-9315 EXT 1