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Reverse Mortgages - Leverage the Equity In Your Home, Today

Reverse mortgages are quickly becoming a viable alternative for older homeowners to use the equity in their home to generate cash flow. Reverse mortgages can be used to make repairs to your home, improve on its value through renovation, pay off an existing mortgage, or even supplement your retirement income. Whatever the reason, it's important to talk to a reverse mortgage expert to find out if reverse mortgages are suitable to your situation.

Total Mortgage Services specializes in providing the right advice on reverse mortgages, and tailoring your loan specifically to you. Read below to get the facts on reverse mortgages and then fill out the contact form on the right for one of our specially trained mortgage consultants to contact you.

Reverse Mortgages -- The Facts

The fundamental difference between reverse mortgages and conventional mortgages is that in a conventional mortgage you pay monthly payment on your loan, and in a reverse mortgage you get paid monthly payments against the equity in your home.

The monthly payments that you receive from your lender in reverse mortgages are still part of a loan that you must pay back. However, you don't have to pay the loan back for as long as you stay in your home. In the event that you cease to live in your home as your primary residence, or you pass away, the loan must then be repaid.

To be eligible for a Reverse Mortgage you need to be 62 years old or older, living in your home, and either own your own home outright, or only owe a small amount on your existing mortgage.

In general, reverse mortgages are tax-free and have no income restrictions. Additionally, most payments from reverse mortgages won't affect Social Security or Medicare benefits.

There are three types of reverse mortgages. With the exception of single-purpose reverse mortgages, which are offered through select state and local government agencies and not-for-profit organizations, private lenders can offer federally insured reverse mortgages (with appropriate government approval) and proprietary reverse mortgages.

The amount of money that you can borrow on federal and proprietary reverse mortgages will vary for every applicant. Some of the variables that are taken into consideration when determining the loan amount are your age, the value of your home, the home's location, whether you owe any money on your home, and the current interest rates.

Want to Know More? Talk to the Experts

Total Mortgage Services offer some of America's most flexible reverse mortgages at low rates. With our in-house underwriting and many years of experience, you'll know that your home equity is in safe hands for the years ahead.

We understand that reverse mortgages can be complicated and confusing. We'll take the time to explain all the facts so that you, and your heirs, are fully aware of the full details of your loan, so there are no surprises at the closing table, or when the loan is due and payable.

Fill out the Contact Form on the right or call 877-868-2503 to have a Reverse Mortgage Expert call you today!

Call a Total Mortgage expert now at 877-868-2503 to find out how we can customize a mortgage loan with some of the lowest current mortgage rates for you.

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