Best Reverse Mortgage Companies Brentwood TN

Are you above the age of 61 and needing a bit of financial help? A reverse mortgage might be just what you are searching for. This type of loan is an opportunity for elders to take out equity in their home to assist them with whatever financial burdens they are facing. We can assist you with more information at one of the best reverse mortgage companies Brentwood, TN has to offer.

There are different types of reverse mortgages, depending on what you need the financial assistance for. Whether you are looking for assistance with medical expenses, home repairs, or even travel, you probably want to look into your different options. Here is a look at the most common types of reverse mortgages.

3 Common Types of Reverse Mortgages

1. Home Equity Conversion Mortgage (HECM)

The most widely used type of reverse mortgage is the HECM. This loan is available through the Federal Housing Administration (FHA) and is therefore backed by the government. The upfront costs are usually higher. However, you are able to decide how you withdraw the money.

2. Single-purpose Reverse Mortgage

This type of loan is also backed by the government and other non-profit organizations. However, it is the least common type of reverse mortgage. It has the least amount of added expenses. In addition, you can only use it for remodeling your home to meet your handicapped needs.

3. Proprietary Reverse Mortgage

This is a private loan that is has no government backing. Eligibility requirements will differ depending on the lender. Borrowers usually use this type of reverse mortgage to receive a larger advance, especially with higher valued homes.

Choose the Best of the Best Reverse Mortgage Companies in Brentwood TN

No matter what your needs are for extra financial assistance, we can help you find the most suitable plan for you. Therefore, our team is ready to help you maintain your lifestyle throughout retirement. It is time for you to be able to live your life worry free. Give us a call today if you are looking for one of the best reverse mortgage companies Brentwood, TN has to offer.

Call Mortgage South today at (423) 624-3878 to discuss your reverse mortgage options.