Almost everyone is being effected by the nation’s troubled economy – especially those living on fixed incomes and trying to manage with diminished retirement savings. What’s more, it is also difficult to acquire credit. Options such as home equity loans or lines of credit that seniors might have used in the past to supplement their finances may no longer be viable options these days. Even when these types of loans were easier to obtain, the borrower still had to make monthly payments, and this can be difficult on a fixed income, no matter what the economic environment.
Fortunately, there’s one option that could make sense for homeowners 62 or older and who have paid off or mostly paid off their mortgages: a reverse mortgage. For most people, homes are their #1 asset. However, the equity that has been building for years doesn’t provide a ready source of funds to pay things like living expenses and health care cost. A reverse mortgage allows people the ability to use their equity to fulfill a variety of needs.
Also important during recession times: A reverse mortgage does not require credit approval, and there are no monthly payments – the loan is not repaid until the last surviving borrower permanently leaves or sells the home. Of course, this doesn’t mean that a reverse mortgage is free. There are closing costs, interest accrues on the loan to be paid at the time it becomes due; and the principal amount is also repaid at that time. And, other fees and cost may apply. Best of all, borrowers continue to own and live in their homes with greater financial flexibility.
Reverse mortgages have allowed many seniors to live a better life. The key to getting the most out of this financial option is getting all the facts to make an educated decision. And, you want to do business with a strong and reputable company like MetLife Bank, which is a MetLife company. Those interested in obtaining more information and a free, no-obligation educational video about reverse mortgages from MetLife Bank can contact Walter Edler at 827-714-3732.
All loans are subject to property approval. Certain conditions and fees apply.
Article provided by
Walter Edler
Reverse Mortgage Consultant
Mobile: (817) 714-3732
FAX: (518) 953-1618
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