Refinance Mortgage Lake Elsinore, CA
4 Great Reasons Riverside County Retirees Would Benefit from a Reverse Mortgage
If you’re thinking about taking advantage of today’s record-low refinance rates, you might be thinking about taking out a Lake Elsinore, CA refinance mortgage. If so, you’re going to want to have the best refinance company assist you with the process. In Riverside County, that company is Jet Direct Mortgage. Our licensed and certified professionals can help you get the best home refinance rates so you can maximize the equity in your home. Offering years of experience and a proven track record of excellence, we’re the first company that property owners throughout the area contact when they’re interested in home refinance loans. If you’re looking for the most reliable company that specializes in refinance mortgages near you, get in touch with a team that can help you get the lowest mortgage refinance rates: Jet Direct Mortgage!
Reasons to Consider a Reverse Mortgage When You Retire
Retirement is supposed to be the time in your life when you get to slow down, relax, and enjoy your golden years. However, given the ever-increasing cost of living, for many, retiring may seem like a pipe dream. If you’re ready to stop working but you are concerned about how you’re going to cover your expenses, you might be thinking that retiring isn’t an option for you. Don’t give up hope! If you’re a homeowner, a reverse mortgage may be the solution.
A reverse mortgage is similar to a traditional mortgage in that it allows you to borrow money from a lender using your house as collateral and the title of your Riverside County home will remain in your name. The primary difference between the mortgage you used to purchase your house and a reverse mortgage loan is that instead of making monthly payments, your loan will be repaid when you no longer reside in your house. You will, however, have to cover the cost of property taxes, homeowner’s insurance, and any maintenance fees that are associated with the upkeep of your house. Additionally, the property you take a reverse mortgage out on does have to be used as your principal residence and you are required to keep the house in good condition.
If you’re ready to retire and are concerned about your finances, here’s a look at four great reasons why might want to consider taking out a reverse mortgage on your Riverside County house.
With a reverse mortgage, the lower the interest rates are, the more equity you will be able to withdraw from your Riverside County home. While interest rates change on a constant basis, currently, they are at an all-time low, and when you work with a reputable company that specializes in Lake Elsinore, NY refinance mortgages and reverse mortgages, you’ll be able to maximize the equity in your home, and the more equity you can pull, the more money you’ll have access to for your retirement.
You Remain the Owner of Your Riverside County Home
Another benefit of a reverse mortgage is that you’ll remain the owner of your Riverside County home. There’s a common misconception that the lender that funds a reverse mortgage becomes the owner of the property. In reality, however, you’ll retain ownership of your home, so long as you comply with the terms and conditions of the reverse mortgage loan and continue to pay the expenses that you’re responsible for, such as your homeowner’s insurance and property taxes.
There are Several Disbursement Options to Choose From
Unlike the traditional mortgage loan you took out to fund the purchase of your Riverside County house, which issues the entirety of the loan to the seller, with a reverse mortgage, you have the option to choose from a variety of different disbursement options. For example, you can choose to have a full or partial amount of the loan distributed to you, you can opt to receive a monthly payment, or you can receive a line of credit. You could also choose to receive a combination of any of these options. Because there are so many different disbursement options available with a reverse mortgage, you can choose to receive the funds from your loan in a way that will best fit your needs.
If the Housing Market Declines, You’re Protected
Since the balance of a reverse mortgage increases in size, there is a chance that, in time, it could exceed the fair market value of your Riverside County home. With that said, however, when your house is sold, if it turns out that the loan amount ends up being more than the value of the property and you took out a Home Equity Conversion Mortgage (HECM), insurance from the government will cover the difference because HECM reverse mortgages are insured by the US Federal Government. In other words, only the proceeds of the sale of your home will be used to cover the balance of the loan.
Interested in Learning More About a Reverse Mortgage?
The above are just some of the benefits that a reverse mortgage provides. If you’re interested in learning more, get in touch with Jet Direct Mortgage. As a leading lender that specializes in a variety of home financing options, including Lake Elsinore, CA refinance mortgages, and reverse mortgages, you can count on us to help you choose the right option and get the best rates to meet your needs so that you can enjoy your retirement without having to worry about finances. For more information or to speak with one of our knowledgeable and friendly loan officers, give us a call at 855-553-4732 or visit us online at https://jetdirectmortgage.com/ today!