Stayton Reverse Mortgage Loans – Get Expert Help

fancy-house1A Stayton reverse mortgage gives retirees access to cash from their home equity without having to sell their house or take on a monthly payment they can’t afford.

It’s one of the most flexible ways for seniors age 62 homeowners in Stayton OR who own their homes outright or have small mortgages left on them release money from those assets while staying in their current homes as long as possible. The loan is repaid when the homeowner passes away, moves out permanently or sells his/her property.

Reverse Mortgages in Stayton OR are becoming more popular as the opportunity to retire is being pushed back. For retirees who have paid off their house and now need additional income, HECM’s provide an option that can be a way for seniors to stay in their homes while they receive financial assistance from these loans at no cost or without having them pay any interest on it.

What Should You Expect from a Reverse Mortgage in Stayton Oregon

Stayton Homeowners are still required to pay their property taxes, insurance rates, and other property fees. One condition upon a reverse mortgage is that the homeowner must maintain the property. They also need to live at the house as their primary residence to qualify. In a sense, you must take pride in your home to be considered for a reverse mortgage.

Many people are worried if this loan will somehow tamper with their homeowner’s status. When approved for a Stayton reverse mortgage, you will still be the owner of your home and everything else in life like before but with one exception: there is no monthly payment anymore. You can also take out cash from your house as long as there is enough equity beyond paying off the current mortgage balance.

Do You Need a Lot of Equity in Your Home to Apply for a Reverse Mortgage in Stayton?

Imagine what life would be like without a mortgage payment, credit card payments, medical bills or car payment. A reverse mortgage in Stayton Oregon can help you pay off these types of expenses and increase your cash flow in the process!

The vast majority of homes in Stayton that would qualify for a reverse mortgage are single family, manufactured houses where you own the land. Town homes and multi-family properties also qualify as long as your HOA meets certain FHA requirements.

Condos can even be eligible if they meet certain criteria by having an HOA with some basic rules in place to maintain quality standards. Homes which do not have sufficient structural integrity or lack maintenance may also fail inspection and therefore will not be approved for this loan program option at all.

Where Do You Apply for a Reverse Mortgage in Union Oregon?

With the population of Stayton continuing to grow older and life expectancies increasing, more people will be living longer in retirement. With this factors accounted for it is no surprise that many borrowers need additional sources of income – which can come from a Stayton reverse mortgage loan product! Potential borrowers should also weigh up their personal financial situation before making any decisions on such an important decision as borrowing money.

A reverse mortgage in Stayton OR increases your cash flow by paying off a current mortgage and debt because it does not require a monthly payment. Can you imagine what life would be like if you did not have to worry about any of that stuff?

Call Me Today

I am here to answer any of your questions about getting a reverse mortgage in Stayton OR. There is no cost or obligation to speak with me, put your numbers together or run scenarios. I will be able to help you determine if the reverse mortgage is right for you and what it can do for homeowners in retirement age.

Whether they are looking forward to retiring comfortably from their home equity without having undue risk on an unpredictable market, seeking financial stability after retirement years where interest rates may fluctuate dramatically depending on various economic factors that could affect them financially.

The time to plan for the future is now. The HECM loan comes with a fixed interest rate and you will know exactly how much money your home has helped generate in the long term. This option also provides access to more equity than any other type of reverse mortgage in Stayton OR, but be advised that it does come at some risk as well!