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Springfield Reverse Mortgages

Expenses can show up at the worst times, especially as you get older. And trying to find extra money to help can be difficult, especially when you’re paying high monthly mortgage payments. With a reverse mortgage in Springfield, MO, you can finally have that extra money you’ve been looking for. The money to pay off any bills or even take those trips you’ve been dreaming of. USA Mortgage is here to help. We’ll make sure to guide you through the loan process and show you just how simple it can be. So why wait? Get started today and see what possibilities await. 

What is a Reverse Mortgage?

While similar to other mortgage options, there is one big difference that sets it apart: you don’t have to make a payment. Known as the loan for senior-aged homeowners in Springfield, MO, a reverse mortgage works by using part of the home equity as collateral. Because of this, the loan will not require repayment until the last surviving homeowner permanently moves out or passes away. From there, any remaining equity is inherited by the estate. 

Older couple smiling and hugging after filing for a reverse mortgage.
Who is eligible for a Reverse Mortgage in Springfield?

The requirements for a reverse mortgage start with the age of the applicant. To be approved, you must be 62 years or older and must also own the property and have it be your primary residence. After those are met, the property must be maintained. This includes; needed repairs, property taxes and insurance. Lastly, the final requirement to be approved is a reverse mortgage counseling session which can be done over the phone or in-person.

Why a Reverse Mortgage?
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What our clients have said

Ease & ability to have a conversation - able to understand everything happening.
Kailey D 8/16/2021
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Your Next Home in Springfield Starts Here.
Apply today to learn more about our Reverse Mortgages.

Live the rest of your life how you would like. Apply today for a reverse mortgage and watch the end of PMI payments. With USA Mortgage, we’ll find the right rates and options that work best for you and your family. Let’s start today!