As you get older, you may need some extra money for certain expenses. And if you’re still paying off your mortgage with high monthly payments it may be difficult to live the life you want. With the help of a reverse mortgage, you can use your home’s equity to help you stop those monthly payments. To find the best options for a reverse mortgage in St. Louis, talk to our Mortgage Loan Originators at USA Mortgage. Our loan originators will help you find the best rates and options around. Apply today and take the steps to bring possibility to reality.
St. Louis Reverse Mortgages
What is a Reverse Mortgage?
Reverse mortgages are a type of loan that allows homeowners to tap into their home equity without having to make monthly payments. The amount of the loan is based on the value of your current home, and the borrower does not have to repay the loan until they die, sell the property, or move out of the home. Reverse mortgages can be a great option for seniors who want to stay in their homes but need extra income to cover living expenses.
To be eligible for a reverse mortgage, you must be 62 years of age or older. You must also own the property you’re looking to take the mortgage out on and occupy it as your primary residence. It is also a requirement to maintain the home with all the needed repairs, property taxes and insurance. Once approved, you’ll have to participate in reverse mortgage counseling which can be done over the phone or in-person.
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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!