If you need financial help and are 62 years or older, a reverse mortgage might be just what you’re looking for. A reverse mortgage is a loan you can take out against the value of your home if you own 50 percent or more of it. This is a chance for seniors to get much-needed financial help for many different circumstances. If you’re looking for one of the best mortgage companies Nashville has to offer, look no further.
Whether you need financial assistance for medical expenses, home repairs, or to finally travel the world, we can help you out. There are different types of reverse mortgage loans depending on what you need the money for. If you are unfamiliar with reverse mortgages, here are a few key features to help you better understand.
Key Features of the Best Reverse Mortgage Companies Nashville TN Trusts
- Available to homeowners aged 62 and older that own a significant amount of their home.
- The amount they receive from the loan depends on the homeowner’s age, value of the home, and current interest rates.
- They have less strict income qualifications
- No monthly mortgage payments
- No repayment penalty
- Very few credit verification requirements
- The borrower must be on the property title and be the borrower’s primary residence
- Repayment becomes due at a maturity event such as death, sale of property, relocation, as well as failure to pay property taxes, maintain homeowners’ insurance, or manage basic maintenance of property.
- This is a non-recourse loan. It means that neither you or your estate is liable in case the loan exceeds the value of the property.
Hire a Pro
Whatever your reasoning for needing extra financial help, we are here to help. With 30 years of experience in the Chattanooga and Nashville area, we are passionate about helping our clients live out their retirement life. In addition, we have helped over 3,000 homeowners and are ready to help you. For that reason, we’ll walk you through all the necessary steps and create a plan that best suits your needs. Give us a call today to work with one of the best reverse mortgage companies Nashville has to offer.
Call Mortgage South today at (423) 624-3878 to discuss your reverse mortgage options.