If you are a senior citizen, you can utilize the investment you have built up in your home to assist with day-to-day living, healthcare expenses, home remodeling, or even a second home. Let the loan professionals at Silex help you tap into your investment with a reverse mortgage.
We make the reverse mortgage application process simple. Our experienced professionals handle your transaction from application paperwork to closing. We’ll find the best lender to get you the best deal possible.
Below are some frequently asked questions about reverse mortgages. Give us a call to learn more about how you can benefit from this type of loan.
Reverse mortgages, also known as home equity conversion mortgages (HECMs), offer another option for senior citizens that would like to borrow against the equity in their homes. Under a reverse mortgage, homeowners retain ownership of their homes while collecting a monthly payment, or in some cases a lump sum payment, from the lender. Reverse mortgages may be a good option for seniors for whom selling their home may not be profitable due to capital gains taxes, and who are seeking to improve their standard of living by increasing their income.
Reverse mortgages carry certain conditions.
The older a homeowner, the more money they can receive with a reverse mortgage. The amount of funding available depends on the borrower's age, the home's value, and current interest rates. Our Reverse Specialists will be happy to create a plan that fits your needs.